Mojio has raised additional US $11 million in Series B funding from strategic investors, Assurant (NYSE: AIZ), Bosch, T-Mobile, and others, bringing the oversubscribed and tranched Series B to US $40 million.
The new investors joined Kensington Capital which led the initial US $12 million closing of Series B in September 2017. Other investors in Series B include Innogy Ventures, Iris Capital, Telus Ventures, Trend Forward Capital, Amazon Alexa Fund, BDC Capital, Deutsche Telekom Capital Partners, and Relay Ventures.
Mojio intends to use new funding to support investments in talent and technology required to accelerate the adoption of connected car services and expansion of IoT offerings.
photo credit: Mojio
Mojio Closes Oversubscribed $40M Series B Funding Round
Funding will support Mojio’s investments in talent and technology required to accelerate the adoption of connected car services and expansion of IoT offerings
Campbell, Calif., Feb. 20, 2019 (GLOBE NEWSWIRE) — Today, Mojio – the leading technology platform and SaaS provider for connected cars – announced that it has closed an oversubscribed Series B funding round. Mojio raised $40 million USD in the round, including strategic investments from Assurant, the world’s leading provider of vehicle protection services and extended warranties; Bosch, the top tier-one supplier to the global automotive industry; and T-Mobile, America’s fastest-growing wireless company.
Mojio’s expanded portfolio of investors will fuel Mojio’s global growth with a blend of financial support and industry expertise. Innogy Ventures, Iris Capital, Telus Ventures and Trend Forward Capital joined the round’s lead financial investor, Kensington Capital. Mojio also secured re-investment from the Series A round syndicate, including Amazon Alexa Fund, BDC IT Venture Fund, Deutsche Telekom Capital Partners and Relay Ventures.
“These strategic investments underscore the close partnership we have with our investors and the confidence they have in our people, products and vision for an increasingly connected life,” said Kenny Hawk, CEO of Mojio. “With this additional funding, we’re able to accelerate our efforts to support the entire automotive ecosystem in delivering smarter, safer and more convenient car ownership experiences to the global driving community.”
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+ USD industry by 2030. This has led to a need for secure, scalable software solutions. With backing from leading automotive, IoT and telecom brands, Mojio’s oversubscribed series B funding round validates the company’s leadership position in the emerging connected mobility space. Mojio will use the funding to invest in the talent and technology required to meet the evolving needs of Mojio’s enterprise customer base, which includes Assurant and nine mobile network operators across six countries, with more to launch in 2019.
Today’s announcement marks another major milestone for Mojio: in the last six months, the company was ranked the 2nd fastest-growing tech company in Canada by Deloitte and debuted two jointly developed connected mobility solutions with Bosch; the first at CES 2019 in Las Vegas, and the second at NAIAS 2019 in Detroit. Mojio also announced the launch of three new customers, including Metro by T-Mobile, T-Mobile Poland and Assurant, and is a finalist for “Best Mobile Innovation for Automotive” at the upcoming 2019 Global Mobile (GLOMO) Awards, as part of the MWC Barcelona event later this month.
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.