innogy Ventures backs Mojio in the technology platform’s Series B funding round
innogy Ventures confirms it will provide financial support and industry expertise to Mojio as the technology platform closes its second round of funding.
London, February 2019 – innogy Ventures GmbH has successfully invested in Mojio, the leading technology platform and SaaS provider for connected cars, as one of the partners in Mojio’s oversubscribed Series B funding.
innogy Ventures is the venture capital investment arm of innogy Innovation Hub participating in or leading series A and beyond deals. innogy Innovation Hub offersfunding, mentoring and a co-creation platform for the technologies and businesses that have the potential to redefine the energy market of the future. This investment round will help Mojio to further develop its business and fulfil its ambition to be a leading player in an industry that has huge growth potential. More than 470 million connected vehicles are expected to be on our roads by 2025, and the massive potential of monetizing the data generated by those vehicles will result in a $750B+ industry by 2030.
Mojio, which was founded in Canada in 2012, is a pure software company, creating an open platform for connected cars, turning almost any car into a smart platform for applications, services and connectivity. To connect “dumb” cars, Mojio uses the On-Board Diagnostics (OBD) port to connect to the car’s computer system and drivers’ smartphones.
The platform itself enables intelligent data analysis that unlocks previously unavailable revenue streams and cost-saving opportunities. It facilitates the efficient integration of vehicle data into new and existing applications for developers and partners.
Felix Krause, Investment Partner at innogy Ventures and board observer of Mojio said: “Besides being a very attractive VC investment, Mojio’s game-changing technology has the potential to become an essential part of innogy’s ambition to redefine energy markets of the future. The company’s open platform approach and mobility data from more than 850,000 connected cars in the US, Canada, Germany and other countries opens up interesting opportunities for enhancing smart charging, and supporting the roll-out of charging stations.”
The Mojio platform enables:
- In-car Wi-Fi on a separate connection, for passenger connectivity, streaming and vehicle tracking
- Real-time car diagnostics including driver alerts, recalls and maintenance schedules
- Security enhancement through monitoring while parked, roadside assistance and theft notifications
- 3rd party apps for navigating traffic and parking, mileage expense management, fleet tracking etc.
innogy Innovation Hub has considerable experience investing in game-changing technologies that have the potential to create the energy system of the future, including areas such as e-mobility, IoT and the smart and connected space. The partnership with Mojio facilitates much-needed data and creates the technology link between present and future cars and smart-charging infrastructure and as such is a natural fit in the Hub’s portfolio.
About innogy Ventures & innogy Innovation Hub
innogy Ventures GmbH is the €130m venture capital investment arm of the innogy Innovation Hub, participating or leading series A and beyond venture capital deals focused on innovative and digital business models in North America, Europe and Israel. Portfolio companies are supported with comprehensive market knowledge, assistance in business development and links to the wider innogy SE’s network in order to support their competitiveness and accelerate their growth.
innogy Innovation Hub believes that new technologies, business models and consumption patterns will redefine the energy market of the future. We believe this future will be driven by four core global trends; decarbonisation, decentralisation, digitisation and democratisation. innogy Innovation Hub’s mission is to drive this vision for the future of energy by being a sector disruptor: by identifying the game-changing technologies, ideas, individuals and businesses that will help build that future, wherever they are, providing funding, mentoring and a platform for co-creation, collaboration and convergence.
The innogy Innovation Hub has created a €162m portfolio (as of December 2018) through investing in disruptive individuals, start-ups and early stage businesses, and has provided opportunities for nearly 90 start-up and scale-up companies to collaborate. It is headquartered in Berlin, with teams across Europe including in London, Warsaw and Essen, as well as offices in California (Palo Alto) and Israel (Tel Aviv).
The innogy Innovation Hub is funded by innogy SE, a leading German energy company, with revenues of around €43 billion (2017), more than 42,000 employees and activities in 16 countries. For more information visit: https://innovationhub.innogy.com
Scalable, secure and hardware-agnostic, Mojio is the cloud platform and SaaS provider of choice for automakers and mobile network operators looking to build profitable connected car services. Mojio’s platform solutions and mobile apps deliver a smarter, safer and more convenient car ownership experience for the global driving community. With real-world data gathered from more than 7 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.
Founded in 2012, Mojio has growing teams in Silicon Valley and Vancouver, and has some of the world’s biggest brands as customers, investors and partners, including Amazon, Assurant, Bosch,
Deutsche Telekom, Microsoft, SAP and T-Mobile. Mojio is a career-accelerator for driven tech professionals looking to shape the future of mobility. To learn more about joining our team please visit Mojio’s careers page.
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