Wejo Ltd, a British vehicle data company backed by General Motors Co (NYSE: GM), announced on Tuesday that it has received $25 million in funding from new investors Microsoft Corp (NASDAQ: MSFT) and Sompo Holdings Inc. (OTC: SMPNY).
What Happened: The connected-vehicle data firm, formed in 2014 and helmed by CEO Richard Barlow, is in talks to go public with SPAC Virtuoso Acquisition Corp. (NASDAQ: VOSO).
Hella Ventures, Palantir Technologies Inc (NYSE: PLTR), Platina Partners, DIP Capital, and the UK government’s Future Fund are among Wejo’s investors.
Also see: Wejo, backed by GM, is in talks with Virtuoso about a SPAC merger: Bloomberg
Why Does It Matter? According to Wejo, the new investment and cooperation will assist accelerate the adoption of connected car data in Japan and expand into the APAC area.
Wejo’s Israeli rival Otonomo announced in February that it would go public through a combination with a SPAC, Software Acquisition Group Inc II (NASDAQ: SAII), at a $1.4 billion valuation.
On Tuesday, VOSO shares closed 0.10 percent higher at $9.91, up from $9.90 the day before.
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