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General Motors Co (NYSE:GM)-backed British automobile data startup Wejo Ltd said on Tuesday it has secured $25 million funding from new investors Microsoft Corp (NASDAQ:MSFT) and Sompo Holdings Inc (OTC: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 (NASDAQ:VOSO).
Besides General Motors, Wejo counts Hella Ventures, Palantir Technologies Inc (NYSE: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 (NASDAQ:SAII), at a valuation of $1.4 billion.
Price Action: VOSO shares closed 0.10% higher at $9.91 on Tuesday.
For news coverage in French, Italian, or Spanish, check out Benzinga France, Benzinga Italia, or Benzinga España.
