Chester-based CAV technology company Wejo has received a grant from the Government’s future fund to continue developing its data-sharing solution.
It’s understood Wejo received up to £5 million from the Future Fund and the rest of the money from a variety of investors including General Motors.
Wejo’s technology allows the sharing of huge amounts of data from cars. It has been used in eight American states to track car movements during lockdown.
ThisIsMonday says news of the funding comes a week after Wejo unveiled a tie-up with Hyundai – its latest deal with a car maker – following agreements with General Motors and Mercedes owner Daimler.
The Future Fund was established during the Covid crisis to support fledgling technology firms, and prevent them running out of cash.