Vancouver-based Mojio has raised a $30 million Series B to support the growth of its connected car solution.
The Series B was led by Kensington Capital, which is also the firm that manages the $100 million BC Tech Fund. Mojio was the first company to receive investment when the fund was announced last year, though the amount was undisclosed.
The funding also saw participation from Trend Forward Capital and Innogy Ventures. Past investors, including Amazon Alexa Fund, BDC IT Venture Fund, Deutsche Telekom Capital Partners, and Relay Ventures, chose to participate as well.
Mojio’s device allows any car to become a connected car; while the company acknowledges that many cars are coming with built-in technology, there are still over one billion unconnected cars. To date, Mojio says it’s connected 500,000 vehicles around the world.
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“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,” said Mojio CEO Kenny Hawk. “But they are willing to spend $10 to $15 per month to access actionable, real-world data that empowers smarter decision making around family safety, driving behavior, vehicle maintenance, and that offers a hassle free Wi-Fi hotspot that doesn’t drain your smartphone.”
The company currently operates in five countries with seven wireless carrier customers, including Bell, Rogers, and Telus in Canada. The company uses big-brand distributors to bring more access to its solution, which includes a hardware solution and mobile app. The company plans to use the funding to roll out with more global networks and invest in its product development teams.
In December 2016, the company raised a $19 million Series A led by the Amazon Alexa fund and Deutsche Telekom.