Motorq, a connected car API company, has secured $40m in Series B funding in a round led by Insight Partners.
The round also saw participation from existing investors including Story Ventures, FM Capital, Monta Vista Capital and Avanta Ventures, the investment arm of CSAA Insurance Group.
Founded in 2016, the California-based startup enables companies to leverage data and actionable insights from connected-car systems.
Motorq’s cloud-based system 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.
Funding will be used 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 Motorq platform for new markets, including insurance, automotive rental, and dealer services.
Arun Rajagopalan, co-founder and CEO of Motorq, said, “With fresh capital from Insight Partners and others to support our core strategy, we are uniquely prepared to deliver insights from data that can reduce costs and boost efficiencies for fleets, optimise auto rental fleet management, revolutionise underwriting for insurance, and deliver new revenue opportunities for OEMs and dealers.”
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