GM, Palantir-backed Wejo to dart public via SPAC

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Wejo, the connected vehicle records startup backed by GM and Palantir, plans to dart public by strategy of a merger with particular motive acquisition company Virtuoso Acquisition Corp. The settlement, introduced in a regulator submitting Friday, will give the mixed company an project valuation of $800 million, which incorporates debt.

The deal raises $330 million in proceeds for Wejo, along side a $230 million cash contribution from Virtuoso and a $100 million in non-public investment in public equity, or PIPE. Earlier strategic traders Palantir and GM anchored the transaction, in step with Wejo. The corporate didn’t expose the amounts of these investments. New shareholders will tackle 64% ownership of the corporate, in step with its investor deck.

As soon as the transaction closes, which is anticipated to happen within the third quarter, Wejo will be listed on the Nasdaq public alternate.

Wejo works with automakers and tier 1 suppliers to amass records in right-time from sensors constructed-in in autos. The corporate’s cloud platform aggregates and normalizes records, and then shares these insights prospects. By 2030, Wejo estimates a connected vehicle records market of $500 billion and a serviceable addressable market of $61 billion driven by projections of larger than 600 million connected autos worldwide.

Wejo acknowledged the cash proceeds will fully  from the transaction will fully fund its 5-300 and sixty five days conception and abet it manufacture several development targets equivalent to onboarding automakers and other OEMs extra hasty, continuing to rollout services and expanding into recent markets.

Image Credits: Screenshot/Wejo

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