Mojio Inc. Receives US$8 Million Investment for Connected Cars Platform
Mojio Inc., the British Columbia developer of a powerful platform to connect conventional cars to the Internet, received a major vote of confidence when a finance group led by Telekom Capital invested in shares valued at US$8 million in May 2015.
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Telekom Capital is the investment arm of German telecommunications giant Deutsche Telekom. The Mojio investment is the first from Telekom Capital’s recently launched €500 million global fund. Other investors include early-stage venture capital firm Relay Ventures, Canada’s government-funded venture arm BDC, and AOL co-founder Steve Case. Mojio had previously raised $2.3 million in seed funding.
Jay Giraud, CEO of Mojio, said in a statement, “With the strong support of Telekom Capital, we can now bring our vision for the internet of cars to drivers around the world.”
Founded in 2012, Mojio has been a dynamic part of British Columbia’s information technology sector. Drawn by exceptional talent, an existing hub of technology businesses and a strategic location, British Columbia is attracting investors to this diverse sector.
Mojio developed hardware that plugs into a car’s diagnostic port and uses GPS and a built-in cellular connection to give the car’s owner a wide range of information about the vehicle. Unlike competing companies, the innovative start-up also developed an open platform that allows software developers to create apps using the data. Mojio notes that currently it has about 500 developers using its system. This unique approach makes it particularly attractive for technology investors.
British Columbia’s Trade and Investment Representative staff helped Mojio connect with Deutsche Telekom at the Wavefront Summit in February 2014, and the Canadian Technology Accelerator (CTA) initiative in San Francisco in 2014.
The London Trade and Investment Representative office also supported Mojio in attending the Mobile World Congress (MWC) in Barcelona in March 2015, a key step in Mojio’s growth strategy. The company announced Telekom Capital’s investment shortly after returning from MWC 2015.
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