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Wejo, the pioneering connected car data analytics business, announces the appointment of Tim Lee as chairman and the completion of a successful £5m fundraising.
Wejo was founded in 2014 by entrepreneur Richard Barlow and has developed one of the world’s leading automotive data exchanges. Currently 3.5 million vehicles are tracked by Wejo in over 180 countries, with 28 million cars projected to be on the wejo data exchange platform by 2020. Wejo delivers intelligent insights to improve loyalty for car manufacturers, insurers and service providers.
Wejo has to date curated 40 billion miles of data and is redefining the driving landscape by combining software solutions with data analytics. With over 40 billion miles of global driving data analysed, the Wejo ADEPT (Automotive Data Exchange Platform) offers the most comprehensive insight into driving behaviours, car usage and road usage available today.
Tim Lee has been appointed as Chairman with effect from 1 January 2018. He was previously the Executive Vice President, Global Manufacturing, for General Motors, and Chairman of General Motors China.
Wejo has completed a £5m fundraising from principally private investors. This follows £20m raised over the last two years. The funds raised have enabled Wejo to develop its data analytics service and to install its software in over 3.5 million cars. Wejo is currently in active discussions with a number of OEMs in order to reach its target of 28 million cars on the Wejo platform by 2020. The connected car market is predicted to rise to over 250 million cars by 2025.
Wejo’s automotive exchange platform provides the technology to respond effectively to needs of fleets and drivers. Today’s vehicles are fitted with 100s if not 1000s of sensors, each telling the story of the vehicle’s current state and how it is used. Wejo curates, transforms and normalises this data.
Richard Barlow, CEO of Wejo commented: “I am delighted to welcome Tim Lee as Chairman. His automotive industry experience will be invaluable to Wejo as we look to develop our business in the fast growing connected car market. Wejo has already developed a strong leadership position within this market and is well placed to meet its target of 28 million cars on the Wejo platform by 2020; which will make wejo ADEPT the most comprehensive car data exchange in the world. Every vehicle being processed through ADEPT represents another step in the journey to level 5 autonomy.”
Tim Lee, chairman, commented: “Wejo is an exciting business which has firmly established itself in a short space of time as a leading player within the connected car market. Connected cars are set to revolutionise the car industry over the coming years and car data will be the key commodity for automotive manufacturers, automotive service providers and the transport industry; all striving to maintain and increase their market share. wejo is perfectly placed to be at the forefront of this development.”