Connected Car Platform Company Raises $40 Million
Motorq has raised $40 million to advance its connected vehicle platform. Company officials say the funding will be used to expand product development, increase collaboration with automotive OEMs, enhance the platform for new markets and enter the European and Japanese markets.
The series B funding round was led by Insight Partners and included existing investors Story Ventures, FM Capital, Monta Vista Capital and Avanta Ventures.
Motorq’s platform helps fleet managers improve efficiency while reducing costs. It uses a vehicle’s onboard computer to monitor data and run analytics and machine learning models to deliver insights to customers through application programming interfaces (APIs) and other tools. Fleet managers can use the system for real-time vehicle delivery tracking, geofencing, completed trip and driver analysis as well as driver coaching, It also gives them insights into EV charging, fuel usage and alerts them when maintenance is needed.
Motorq co-founder and CEO Arun Rajagopalan said the increase in connected vehicles creates an unprecedented opportunity for growth for a range of industries.
“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, optimize auto rental fleet management, revolutionize underwriting for insurance, and deliver new revenue opportunities for OEMs and dealers,” he said.