Vancouver-based connected car cloud platform company, Mojio has secured $30 million CAD in Series B funding to accelerate the global growth of its carrier-grade connected car solutions.
The Series B funding will accelerate Mojio’s roll-outs with network operators across the globe. The funding will also fuel product innovation and patent development, including the advancement of machine learning initiatives, ensuring that Mojio’s growing team of engineers, designers, and developers continue to preempt the needs of drivers worldwide.
The connected car movement is accelerating as consumers demand more from their cars. While some new vehicles roll off the assembly line with built-in connected car technology, a huge gap remains for the drivers of the over one billion unconnected cars, who are eager for a user-friendly and affordable upgrade.
Currently operating in five countries with seven wireless carrier customers, including the big three in Canada (Bell, Rogers and TELUS), Mojio’s business model leverages the brand and distribution of major wireless network operators to deliver greater access to affordable connected car services through the combination of a plug and play device and a handy mobile app.
Despite multiple offers from global investors, Mojio said it has deepened its Canadian roots by selecting Toronto-based Kensington Capital as lead investor. The company’s Series B round attracted new investment from Trend Forward Capital and innogy Ventures. All current investors participated again, including the Amazon Alexa Fund, BDC IT Venture Fund, Deutsche Telekom Capital Partners and Relay Ventures.
Kenny Hawk, CEO, Mojio
People don’t want to wait for their next vehicle to access valuable safety and security features, let alone another 10 to 15 years for the promise of self-driving cars.
Rick Nathan, Manging Director, Kensington Capital
From its Vancouver headquarters, Mojio is building a world class team with an innovative technology platform gaining rapid customer traction, scaling a global business at the intersection of the IoT and automotive industries.
