DTCP Participates in CAD30m Series B Round in Connected Car Company Mojio

Mojio plans to accelerate research and development, expand globally and grow team to 100 employees by the end of 2018.

Lead investor Kensington Capital, Trend Forward Capital, and Innogy Ventures join existing investors, which include DTCP, Amazon Alexa Fund, BDC and Relay Ventures.

Palo​ ​Alto,​ ​California​ ​(November​ ​30,​ ​2017)​ ​—​ ​​Today,​ ​connected​ ​car​ ​cloud​ ​platform​ ​company,​ ​​Mojio​, announced​ ​it​ ​has​ ​secured​ ​$30M​ ​CAD​ ​in​ ​Series​ ​B​ ​funding​ ​to​ ​accelerate​ ​its​ ​roll-outs​ ​with​ ​network​ ​operators across​ ​the​ ​globe.​ ​The​ ​funding​ ​will​ ​also​ ​fuel​ ​product​ ​innovation​ ​and​ ​patent​ ​development,​ ​including​ ​the advancement​ ​of​ ​machine​ ​learning​ ​initiatives,​ ​ensuring​ ​that​ ​Mojio’s​ ​growing​ ​team​ ​of​ ​engineers,​ ​designers, and​ ​developers​ ​continue​ ​to​ ​preempt​ ​the​ ​needs​ ​of​ ​drivers​ ​worldwide. 

Since​ ​closing​ ​its​ ​Series​ ​A​ ​round​ ​in​ ​late​ ​2016,​ ​Mojio​ ​has​ ​launched​ ​their​ ​open​ ​connected​ ​car​ ​solution​ ​with seven​ ​wireless​ ​carriers​ ​across​ ​five​ ​countries​ ​and​ ​two​ ​continents,​ ​including​ ​T-Mobile​ ​in​ ​the​ ​United​ ​States (​see​ ​SyncUP​ ​DRIVE​),​ ​Deutsche​ ​Telekom​ ​in​ ​Austria,​ ​Czech​ ​Republic​ ​and​ ​Germany​ ​(​see​ ​CarConnect​), plus​ ​all​ ​three​ ​major​ ​wireless​ ​carriers​ ​in​ ​Canada​ ​(TELUS​,​ ​​Rogers​​ ​and​ ​​Bell​).

The​ ​connected​ ​car​ ​movement​ ​is​ ​accelerating​ ​as​ ​consumers​ ​demand​ ​more​ ​from​ ​their​ ​cars.​ ​While​ ​some new​ ​vehicles​ ​roll​ ​off​ ​the​ ​assembly​ ​line​ ​with​ ​built-in​ ​connected​ ​car​ ​technology,​ ​a​ ​huge​ ​gap​ ​remains​ ​for​ ​the drivers​ ​of​ ​the​ ​over​ ​one​ ​billion​ ​unconnected​ ​cars,​ ​who​ ​are​ ​eager​ ​for​ ​a​ ​user-friendly​ ​and​ ​affordable upgrade.

“People​ ​don’t​ ​want​ ​to​ ​wait​ ​for​ ​their​ ​next​ ​vehicle​ ​to​ ​access​ ​valuable​ ​safety​ ​and​ ​security​ ​features,​ ​let​ ​alone another​ ​10​ ​to​ ​15​ ​years​ ​for​ ​the​ ​promise​ ​of​ ​self-driving​ ​cars,”​ ​explains​ ​Mojio​ ​CEO​ ​Kenny​ ​Hawk.​ ​“But​ ​they are​ ​willing​ ​to​ ​spend​ ​$10​ ​to​ ​$15​ ​per​ ​month​ ​to​ ​access​ ​actionable,​ ​real-world​ ​data​ ​that​ ​empowers​ ​smarter decision​ ​making​ ​around​ ​family​ ​safety,​ ​driving​ ​behavior,​ ​vehicle​ ​maintenance,​ ​and​ ​that​ ​offers​ ​a​ ​hassle​ ​free Wi-Fi​ ​hotspot​ ​that​ ​doesn’t​ ​drain​ ​your​ ​smartphone.”

Mojio’s​ ​Series​ ​B​ ​round​ ​was​ ​led​ ​by​ ​Kensington​ ​Capital​ ​($1.2​ ​Billion​ ​in​ ​assets​ ​under​ ​management)​ ​and attracted​ ​new​ ​investment​ ​from​ ​Trend​ ​Forward​ ​Capital​ ​(focused​ ​on​ ​security​ ​technology)​ ​and​ ​Innogy Ventures​ ​(focused​ ​on​ ​distributed​ ​energy​ ​innovation).​ ​All​ ​current​ ​investors​ ​participated​ ​again,​ ​including​ ​the Amazon​ ​Alexa​ ​Fund,​ ​BDC​ ​IT​ ​Venture​ ​Fund,​ ​Deutsche​ ​Telekom​ ​Capital​ ​Partners​ ​and​ ​Relay​ ​Ventures.

"Mojio​ ​is​ ​exactly​ ​the​ ​kind​ ​of​ ​company​ ​that​ ​we​ ​want​ ​to​ ​partner​ ​with​ ​–​ ​a​ ​world​ ​class​ ​team​ ​with​ ​an​ ​innovative technology​ ​platform​ ​gaining​ ​rapid​ ​customer​ ​traction,”​ ​said​ ​Rick​ ​Nathan,​ ​Managing​ ​Director​ ​of​ ​Kensington Capital,​ ​“After​ ​building​ ​our​ ​relationship​ ​with​ ​them​ ​for​ ​nearly​ ​two​ ​years,​ ​it​ ​was​ ​a​ ​natural​ ​fit​ ​for​ ​us​ ​to​ ​lead their​ ​Series​ ​B​ ​financing​ ​round.”

Renewed​ ​participation​ ​from​ ​the​ ​Amazon​ ​Alexa​ ​Fund​ ​shows​ ​its​ ​commitment​ ​to​ ​supporting​ ​and​ ​innovating with​ ​Mojio,​ ​and​ ​growing​ ​traction​ ​for​ ​voice​ ​experiences​ ​designed​ ​around​ ​the​ ​car.​ ​“The​ ​Alexa​ ​Fund​ ​is pleased​ ​to​ ​make​ ​a​ ​follow-on​ ​investment​ ​in​ ​Mojio​ ​and​ ​continue​ ​our​ ​support​ ​of​ ​their​ ​vision​ ​to​ ​make​ ​the connected​ ​car​ ​accessible​ ​on​ ​the​ ​vehicles​ ​we​ ​drive​ ​today,”​ ​said​ ​Paul​ ​Bernard,​ ​Director​ ​of​ ​the​ ​Alexa​ ​Fund, Amazon.​ ​“The​ ​Mojio​ ​skill​ ​for​ ​Alexa​ ​lets​ ​customers​ ​simply​ ​use​ ​voice​ ​to​ ​track​ ​vehicle​ ​location,​ ​trip​ ​distance and​ ​fuel​ ​levels.​ ​By​ ​unlocking​ ​data​ ​insights​ ​from​ ​the​ ​car,​ ​we​ ​see​ ​opportunity​ ​for​ ​Mojio​ ​to​ ​continue innovating​ ​with​ ​Alexa​ ​to​ ​bring​ ​customers​ ​more​ ​delightful​ ​voice-powered​ ​experiences.”

Mojio​ ​has​ ​already​ ​connected​ ​over​ ​500,000​ ​vehicles​ ​around​ ​the​ ​world,​ ​ranging​ ​from​ ​an​ ​almost​ ​ancient 1996​ ​Audi​ ​A4​ ​to​ ​a​ ​brand​ ​new​ ​2018​ ​Volvo​ ​V60.​ ​Drivers,​ ​families​ ​and​ ​small​ ​businesses​ ​use​ ​Mojio’s​ ​apps​ ​to keep​ ​their​ ​vehicles​ ​safe,​ ​stay​ ​coordinated,​ ​and​ ​cut​ ​down​ ​on​ ​costly,​ ​time-consuming​ ​issues​ ​associated with​ ​car​ ​ownership.​ ​Common​ ​use​ ​cases​ ​include:

  • Getting​ ​notified​ ​about​ ​engine​ ​issues​ ​to​ ​make​ ​informed​ ​decisions​ ​on​ ​service​ ​and​ ​repairs
  • Monitoring​ ​car​ ​location​ ​and​ ​status​ ​to​ ​help​ ​with​ ​ride​ ​coordination​ ​and​ ​cut​ ​down​ ​on​ ​distractions
  • Receiving​ ​critical​ ​recall​ ​notices​ ​to​ ​ensure​ ​remedial​ ​action​ ​is​ ​taken​ ​to​ ​improve​ ​safety
  • Locating​ ​a​ ​stolen​ ​vehicle​ ​to​ ​inform​ ​the​ ​authorities​ ​and​ ​have​ ​it​ ​recovered
  • Logging​ ​business​ ​trips​ ​to​ ​maximize​ ​mileage​ ​expensing​ ​and​ ​tax​ ​returns
  • Using​ ​on-demand​ ​roadside​ ​assistance​ ​to​ ​get​ ​help​ ​fast

In​ ​addition​ ​to​ ​delivering​ ​valuable​ ​experiences​ ​for​ ​drivers,​ ​Mojio​ ​has​ ​already​ ​collected​ ​over​ ​5​ ​billion​ ​miles of​ ​driving​ ​data.​ ​Mojio​ ​uses​ ​machine​ ​learning​ ​to​ ​generate​ ​insights​ ​that​ ​will​ ​shape​ ​the​ ​future​ ​of​ ​mobility, making​ ​the​ ​driving​ ​experience​ ​smarter,​ ​safer​ ​and​ ​less​ ​expensive.

 

About​ ​Mojio

Open,​ ​scalable​ ​and​ ​hardware​ ​agnostic,​ ​​Mojio​​ ​is​ ​the​ ​cloud​ ​platform​ ​of​ ​choice​ ​for​ ​the​ ​deployment​ ​of​ ​secure connected​ ​car​ ​apps​ ​and​ ​services.​ ​Mojio’s​ ​platform​ ​delivers​ ​a​ ​smarter,​ ​safer​ ​and​ ​more​ ​convenient​ ​driving and​ ​vehicle​ ​ownership​ ​experience​ ​to​ ​subscribers​ ​of​ ​major​ ​network​ ​operators,​ ​including​ ​Bell​ ​Canada, Deutsche​ ​Telekom,​ ​Rogers​ ​Communications,​ ​T-Mobile​ ​and​ ​TELUS. 

With​ ​real-world​ ​data​ ​gathered​ ​from​ ​more​ ​than​ ​5​ ​billion​ ​miles​ ​of​ ​driving,​ ​Mojio​ ​provides​ ​a​ ​big​ ​data​ ​analytics framework​ ​that​ ​uses​ ​machine​ ​learning​ ​to​ ​generate​ ​actionable​ ​insights​ ​and​ ​unlock​ ​new​ ​revenue​ ​streams for​ ​companies​ ​throughout​ ​the​ ​automotive​ ​value​ ​chain.

Founded​ ​in​ ​2012,​ ​Mojio​ ​is​ ​on​ ​a​ ​mission​ ​to​ ​give​ ​every​ ​vehicle​ ​a​ ​voice.​ ​With​ ​growing​ ​teams​ ​in​ ​Vancouver, Palo​ ​Alto​ ​and​ ​Sofia,​ ​and​ ​some​ ​of​ ​the​ ​world’s​ ​biggest​ ​brands​ ​as​ ​customers,​ ​partners​ ​and​ ​investors,​ ​Mojio is​ ​a​ ​career-accelerator​ ​for​ ​driven​ ​tech​ ​professionals​ ​looking​ ​to​ ​shape​ ​the​ ​future​ ​of​ ​mobility.​ ​To​ ​learn​ ​more about​ ​Mojio​ ​or​ ​to​ ​join​ ​our​ ​team​ ​please​ ​visit​ ​​Mojio’s​ ​careers​ ​page​.

 

About​ ​Kensington​ ​Capital​ ​Partners

Kensington​ ​Capital​ ​Partners​ ​is​ ​a​ ​leading​ ​Canadian​ ​investment​ ​firm​ ​in​ ​alternative​ ​assets,​ ​with​ ​over​ ​$1.1 billion​ ​invested​ ​to​ ​date​ ​in​ ​venture​ ​capital,​ ​private​ ​equity,​ ​hedge​ ​funds,​ ​and​ ​infrastructure.​ ​Founded​ ​in 1996,​ ​the​ ​firm​ ​is​ ​employee​ ​owned​ ​and​ ​fiercely​ ​independent.​ ​​ ​Based​ ​in​ ​Toronto,​ ​with​ ​additional​ ​offices​ ​in Vancouver​ ​and​ ​Calgary,​ ​Kensington’s​ ​active​ ​management​ ​approach​ ​and​ ​relationship​ ​based​ ​business​ ​has generated​ ​top​ ​quartile​ ​returns​ ​for​ ​investors,​ ​consisting​ ​of​ ​institutional​ ​investors​ ​such​ ​as​ ​pension​ ​and endowment​ ​funds,​ ​foundations,​ ​corporations,​ ​wealth​ ​managers​ ​and​ ​individuals.​ ​​ ​For​ ​more​ ​information, visit​ ​​www.kcpl.ca

Media​ ​Contact:
Natalie​ ​Burgwin
Nat@talkshopmedia.com
604.738.2220

This press release was originally published by Mojio on November 30th, 2017.