Connect with us

Hi, what are you looking for?

Tech

GM, Palantir-backed Wejo to go public via SPAC

Wejo, the connected vehicle data startup backed by GM and Palantir, plans to go public through a merger with special purpose acquisition company Virtuoso Acquisition Corp. The agreement, announced in a regulator filing Friday, will give the combined company an enterprise valuation of $800 million, which includes debt.

The deal raises $330 million in proceeds for Wejo, including a $230 million cash contribution from Virtuoso and a $100 million in private investment in public equity, or PIPE. Previous strategic investors Palantir and GM anchored the transaction, according to Wejo. The company did not disclose the amounts of those investments. Current shareholders will retain 64% ownership of the company, according to its investor deck.

Once the transaction closes, which is expected to occur in the third quarter, Wejo will be listed on the Nasdaq public exchange.

Wejo works with automakers and tier 1 suppliers to collect data in real-time from sensors integrated in vehicles. The company’s cloud platform aggregates and normalizes data, and then shares those insights customers. By 2030, Wejo estimates a connected vehicle data market of $500 billion and a serviceable addressable market of $61 billion driven by projections of more than 600 million connected vehicles worldwide.

Wejo said the cash proceeds will fully  from the transaction will fully fund its five-year plan and help it achieve several growth goals such as onboarding automakers and other OEMs more quickly, continuing to rollout services and expanding into new markets.

Image Credits: Screenshot/Wejo

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

World News

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered...

World News

George Soros and Bill Gates are part of a consortium acquiring a British developer of rapid-testing technology, including for Covid-19 and tropical diseases,...

Tech

If you parked your car in one of the thousands of parking spots across Calgary, there’s a good chance you paid the Calgary Parking...

Investing

ForexMay 27, 2021 02:04AM ET (C) Reuters. By Peter Nurse Investing.com — The dollar edged higher in early European trade Thursday, finding support from...

Disclaimer: Yourmorningvoice.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. Copyright © 2021 Your Morning Voice. All Rights Reserved