Mojio, a company that focuses on connected car technology, has raised $40 million in a Series B funding round, according to reports. The firm previously raised $17 million.
The company, in partnership with mobile carriers and car manufacturers, unlocks “hidden data” from a connected car with a combination of hardware and software. The company connects cars wirelessly with a plug-in device that connects with the car’s OBD-II port, enabling Wi-Fi connectivity.
Mojio closed the round with financing from Kensington Capital, who led the round, along with T-Mobile, Bosch, BDC IT Venture Fund, Trend Forward, Innogy Ventures and Iris Capital, among others.
“These strategic investments underscore the close partnership we have with our investors and the confidence they have in our people, products and vision for an increasingly connected life,” said Kenny Hawk, CEO of Mojio, in a press release. “With this additional funding, we’re able to accelerate our efforts to support the entire automotive ecosystem in delivering smarter, safer and more convenient car ownership experiences to the global driving community.”
Connected car data could be a $750 billion industry in as soon as 10 years, and there will be an estimated 200 million connected cars on the road by next year, with the possibility of that number doubling by 2025.
All of these connected cars will produce an abundance of data, and it presents a lucrative opportunity for companies that can synthesize it, as there are several uses for the data.
For example, the Mojio dongle could also have a GPS tracker with anti-theft properties. It could also track motion, detect collisions and even alert help. Insurance companies could use the tech to monitor driving conditions, and manufacturers could track engine data and perform remote diagnostic tests.
Mojio’s new capital will go toward hiring and new tech development, as well as to cater to the “evolving needs of Mojio’s enterprise customers,” a spokesperson said.