LONDON -- 27 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.
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.
Stephen Fishleigh | BackBay Communications |firstname.lastname@example.org |+44 (0)203 475 7552