General Motors Co GM-backed British automobile data startup Wejo Ltd said on Tuesday it has secured $25 million funding from new investors Microsoft Corp MSFT and Sompo Holdings Inc SMPNY.
What Happened: The startup, founded in 2014 and led by CEO Richard Barlow, specializes in connected-vehicle data and is in talks to go public with SPAC Virtuoso Acquisition Corp VOSO.
Besides General Motors, Wejo counts Hella Ventures, Palantir Technologies Inc PLTR, Platina Partners, DIP Capital and the U.K. government’s Future Fund as investors.
See Also: GM-Backed Wejo In Talks With Virtuoso On SPAC Merger: Bloomberg
Why It Matters: As per Wejo, the new investment and partnership will help boost the connected vehicle data deployment in Japan and further expansion into the APAC region.
In February, Wejo’s Israeli rival Otonomo said it would go public through a merger with a SPAC, Software Acquisition Group Inc II SAII, at a valuation of $1.4 billion.
Price Action: VOSO shares closed 0.10% higher at $9.91 on Tuesday.
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