Wejo, the linked automobile knowledge startup backed by GM and Palantir, plans to go public by a merger with particular goal acquisition firm Virtuoso Acquisition Corp. The settlement, introduced in a regulator submitting Friday, will give the mixed firm an enterprise valuation of $800 million, which incorporates debt.
The deal raises $330 million in proceeds for Wejo, together with a $230 million money contribution from Virtuoso and a $100 million in non-public funding in public fairness, or PIPE. Earlier strategic buyers Palantir and GM anchored the transaction, in keeping with Wejo. The corporate didn’t disclose the quantities of these investments. Present shareholders will retain 64% possession of the corporate, in keeping with its investor deck.
As soon as the transaction closes, which is anticipated to happen within the third quarter, Wejo can be listed on the Nasdaq public change.
Wejo works with automakers and tier 1 suppliers to gather knowledge in real-time from sensors built-in in automobiles. The corporate’s cloud platform aggregates and normalizes knowledge, after which shares these insights clients. By 2030, Wejo estimates a linked automobile knowledge market of $500 billion and a serviceable addressable market of $61 billion pushed by projections of greater than 600 million linked automobiles worldwide.
Wejo mentioned the money proceeds will absolutely from the transaction will absolutely fund its five-year plan and assist it obtain a number of progress targets comparable to onboarding automakers and different OEMs extra rapidly, persevering with to rollout providers and increasing into new markets.