Canada-based connected car platform developer Mojio completed a $40m series B round on Wednesday having raised additional funds from investors including corporates Assurant, Robert Bosch and T-Mobile.
Insurance firm Assurant, industrial technology provider Robert Bosch and T-Mobile, a mobile network owned by telecommunications firm Deutsche Telekom, invested having not been named in the first tranche, which closed at $23.3m in late 2017.
Kensington Capital led the first tranche, which included Alexa Fund, Innogy Ventures, Deutsche Telekom Capital Partners (DTCP) and Telus Ventures, respective subsidiaries of e-commerce group Amazon, energy firm Innogy, Deutsche Telekom and fellow telecoms company Telus.
Iris Capital, Relay Ventures and Trend Forward Capital also took part in the first close, as did BDC IT Venture Fund, which is operated by government-owned economic development agency Business Development Bank of Canada.
Founded in 2012, Mojio has created a plug-and-play system that enables mobile carriers and automakers to upgrade their cars with connected features such as car-theft tracking, fuel-level monitoring and engine issue tracking.
The platform can also be used by third parties such as insurance companies to monitor behavioural data and establish driver risk. Mojio will put the funding toward increasing headcount an upgrading its technology.
The round boosted the company’s total funding to $57m. It had secured $15m in a series A that closed in 2016 with backing from DTCP, Alexa Fund, BDC IT Venture Fund, Relay Ventures and angel investor Steve Case.
Kenny Hawk, chief executive of Mojio, said: “With this additional funding, we are 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.”