The Wejo 330m is the world’s largest connected car company. It has raised over $131 million and plans to go public through a reverse merger with Virtuoso Acquisition Corp (VOSO.O). Its mission is to collect and analyze data on vehicles. The company’s products and services are available to a wide range of users.
It plans to go public via a reverse merger with Virtuoso Acquisition Corp (VOSO.O)
Wejo, a startup specializing in automotive data, is going public through a reverse merger with Virtuoso. The company is valued at $800 million in the transaction, which includes its debt. In addition, the deal includes $100 million of private investment in public equity. The deal is subject to final approval and terms may change.
Virtuoso and Wejo are both backed by General Motors. Both companies have been working together since 2012. Virtuoso is currently a private company, while Wejo is owned by General Motors.
The proposed transaction is expected to close in the second half of 2021. Both companies must obtain shareholder approval and meet other customary closing conditions. Virtuoso has filed a final prospectus in January 2021. The final prospectus lists Virtuos’ officers and directors and provides information about their ownership of the company.
Wejo plans to go public via a $1.1 billion reverse merger with Virtuoso Acquisition Corp. Its valuation is less than $2 billion, and a recent SEC ruling on SPACs has cooled the market. Nevertheless, the company is aiming to create a new industry standard in connected vehicle data. It also plans to create apps that will enrich lives around the world.
Once the transaction is completed, Wejo plans to list on the Nasdaq public exchange. Wejo works with automakers and Tier 1 suppliers to collect and analyze real-time data from vehicles. Its cloud platform organizes the data and shares insights with its customers. The company estimates that the connected vehicle data market will be valued at $500 billion.
It has raised more than $131 million
After raising more than $131 million, Wejo has plans to go public. Its marquee investors include General Motors, Virtuoso Acquisition Corp. and the CIA. The company expects the PIPE to extend its capital runway to late 2023.
The company offers a suite of solutions to fleet and logistics companies. Its data enables them to understand trends in mobility and traffic patterns in real time. It also helps companies avoid congestion hotspots and improve drivers’ experience by helping them plan their routes more efficiently.
It is developing a patent-pending edge computing platform to control the flow of vehicle data. It is also working with Microsoft Azure to use the cloud as its sole platform for cloud and edge processing. The edge computing technology will reduce data flow to 20 percent of the maximum while maintaining data quality.
Wejo is working on increasing engagement with existing customers. The aim is to increase recurring revenue and reduce the company’s dependence on one-time revenues. However, the company is not yet profitable, with negative adjusted EBITDA of $(25.2) million in 2017. However, its net loss improved 61% year over year.
After the transaction closes, the company plans to list on the Nasdaq public exchange. Wejo works with automakers and Tier 1 suppliers to collect data from connected vehicles. The company’s cloud platform then normalizes this data and enables customers to understand it. It estimates that the connected vehicle data market will be worth $500 billion by 2030.
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