General Motors (GM) is investing millions of pounds in Wejo, a British technology start-up. According to the news report, to date, the start-up has processed data from 78 billion miles of car journeys that can be used to enhance vehicle safety and improve the car-driving and ownership experience. The data can help to develop new products and services, such as real-time parking availability and local petrol price comparisons.
Sky News has reported that Wejo has struck a landmark deal that includes a $25m (£19.4m) cash injection from GM alongside a long-term data-sharing agreement between the two companies. In total, the deal values wejo at $275m (£213m), with GM taking a 35% stake in the British company. The backing from GM makes wejo the most valuable British start-up in the connected car space.
Source: Press Release