Wejo collabs with Microsoft, Sompo & Palantir to enhance its offerings

British connected vehicle data company- Wejo has reportedly joined forces with Microsoft, Sompo Holdings, and Palantir in a bid to enhance its ability to collect, store and monitor the data from several connected automobiles across the globe.

Notably, a USD 25 million commitment from Sompo and Microsoft, along with existing investors Palantir and GM will bring Wejo’s cumulative PIPE financing to nearly USD 125 million. The news follows the startup’s decision to go public by partnering with Virtuoso Acquisition Corp.- a special purpose acquisition firm, that is projected to close in the latter half of 2021.

Palantir- a Colorado headquartered software giant has been a strategic investor in Wejo for years. In the year 2019, the entity introduced a Japanese joint venture with Sompo-a leading insurance provider. At present, the venture’s alliance with Wejo will offer the startup an opportunity to gather connected vehicle data in Japan along with certain greater regions of APAC.

Richard Barlow, Founder and CEO of Wejo, was quoted stating that currently, the company has certain live vehicles in Korea, however, 95% of its data comes from the U.S. The partnership with Sompo will help study Wejo’s connected vehicle data with the help of Palantir Foundry data and analytics platform, Mr. Richard added.

Barlow also mentioned that currently, the startup has approximately 11 million live cars on its platform out of a supply base of 50 million automobiles. Wejo engages with more than 17 OEMs on the platform, processing 16 billion data points each day.

Speaking about future prospects of Wejo, Richard said the company can see 7% of automobiles in New York, 20% cars in Detroit, and 6% in California through the partnership with leading vehicle producers like Daimler, Hyundai, and GM.

In addition to above, the firm can also hand off raw data collected from the cars with the consent of the owner to developers, businesses, and governments and can also perform data analytics for them through its association with Microsoft.  

Source Credit: https://techcrunch.com/2021/06/29/connected-vehicle-data-startup-wejo-partners-with-microsoft-palantir-sompo/