Telekom Capital, the corporate venturing division of telecommunications company Deutsche Telekom, led an $8m series A round for Canada-based connected car platform Mojio yesterday.
The round also included BDC, the investment arm of Canada’s government, as well as venture capital firm Relay Ventures and Steve Case, co-founder of media company AOL.
Mojio has developed a cloud-connected device that can plug into a car’s existing electronics and provide the driver with real-time information about the vehicle through a smartphone app.
The company also provides an open platform to developers, who can create new applications using the device’s data, such as an app that can automatically turn off the lights in the user’s home as they unlock their car.
Mojio closed a $2.3m seed round in 2013 led by Relay Ventures and featuring 500 Startups, BDC and undisclosed private funds. It will use the series A funding to support US and international growth.
Vicente Vento, chief executive of Telekom Capital, said: “This investment is the first outside of Europe for our latest fund. It fits right at the heart of what we are looking for: a scalable open platform addressing a gigantic market.”
– Image courtesy of Mojio