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Wejo
British vehicle data company From Wikipedia, the free encyclopedia
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Wejo Group Ltd was a British connected vehicle data start-up founded by entrepreneur Richard Barlow, headquartered in Greater Manchester, England.[2][3] Wejo served customers worldwide and was founded in 2013.[4]
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The company, which was backed by General Motors, went through a special purpose acquisition (SPAC) merger in 2021.[5] The merger raised $330M for Wejo including $230M from the SPAC company Virtuoso and the other $125M from private investment in public equity (PIPE) financing.[6]
Wejo called in administrators at the end of May 2023, following a loss of investment capital.
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History
Wejo was founded in 2013 above a Greek restaurant in Manchester.[2] "Wejo" stands for "we journey.[7]
In November 2019, Wejo opened a second UK office in the centre of Manchester's technology and enterprise zone.[8]
Wejo participated in 3 rounds of funding following its founding and raised $120.2M in capital.[9] At one point, it was classed as one of the UK’s prospective billion dollar-valued firms.[10]
At the end of May 2023, Wejo called in administrators as it ran out of investment capital.
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Partnerships
On 29 June 2021, it was announced that Microsoft and Japanese insurance giant Sompo had joined Palantir in partnering with Wejo.[11]
Technology
Wejo streamed and standardized high volumes of anonymized vehicle data.[12] The data was delivered from the vehicle source to the end-user customer within 32 seconds.[13]
Wejo had the largest number of accessible connected vehicles on its platform, with 42 million in 2019.[citation needed] Up to July 2020, Wejo had curated over 140 billion miles of data.[14]
References
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