USA – Motorq, a Palo Alto, CA-based connected car API company, raised $40M in Series B funding.
The round was led by Insight Partners, with participation from existing investors including Story Ventures, FM Capital, Monta Vista Capital and Avanta Ventures.The company intends to use the funds to grow the product development and engineering teams, increase collaboration with the automotive OEMs, establish sales and business development in Europe and Japan and enhance the core platform for new markets, including insurance, automotive rental, and dealer services.Led by CEO Arun Rajagopalan, Motorq is a connected-car data and analytics software platform that ingests and monitors embedded data from a vehicle’s onboard computers, runs advanced analytics and machine learning models, contextualizes the insights with other information sets and delivers those insights to customers via application programming interfaces (APIs) and other infrastructure tools. Motorq’s platform creates a range of information, including:With relationships with the top 10 global automotive leaders covering 21 brands, Motorq can connect to and provision information from more than 51 million vehicles. It also has partnerships with 8 of the 10 largest fleet management companies.20/02/2022
