Calling it another “milestone” for the company, Vancouver-based Mojio – a technology platform for connected cars – announced this week it has secured $40 million in funding from a collection of heavy-hitters, including Assurant, Bosch, and T-Mobile.
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The company said its expanded portfolio of investors will fuel Mojio’s global growth with a blend of financial support and industry expertise.
“These strategic investments underscore the close partnership we have with our investors and the confidence they have in our people, products and vision for an increasingly connected life,” said Kenny Hawk, CEO of Mojio. “With this additional funding, we’re able to accelerate our efforts… in delivering smarter, safer and more convenient car ownership experiences to the global driving community.”
In a release, Mojio said that over 470 million connected vehicles are expected to be on the roads by 2025, and the massive potential of monetizing the data generated by those vehicles will result in a $750B+ USD industry by 2030.
This new influx of funding, the company said, “validates the company’s leadership position in the emerging connected mobility space.”
Mojio said it will use the funding to invest in the talent and technology required to meet the evolving needs of Mojio’s enterprise customer base –which includes Assurant and nine mobile network operators across six countries – with more to launch in 2019.
This newest round of funding follows what has already been a notable recent progression for the company.
In the last six months, the company was ranked the 2nd fastest-growing tech company in Canada by Deloitte and debuted two jointly developed connected mobility solutions with Bosch; the first at CES 2019 in Las Vegas, and the second at NAIAS 2019 in Detroit.
The company also announced the launch of three new customers, including Metro by T-Mobile, T-Mobile Poland and Assurant, and is a finalist for “Best Mobile Innovation for Automotive” at the upcoming 2019 Global Mobile (GLOMO) Awards, as part of the MWC Barcelona event later this month.
Founded in 2012, Mojio has growing teams in Vancouver and Silicon Valley, has some of the world’s biggest brands as customers, investors and partners, including Amazon, Assurant, Bosch, Deutsche Telekom, Microsoft, SAP and T-Mobile.
With real-world data gathered from more than seven billion miles of driving, Mojio provides a big data analytics framework that uses machine learning to generate actionable insights, unlocking the next generation of revenue streams for companies throughout the automotive value chain.