Motorq, a Palo Alto-based connected-car data analysis company for businesses, has raised a $40 million Series B led by Insight Partners (Liz Hughes/IoT World Today).
The Connected Car Platform Company Raised $40 Million.
Motorq’s platform assists fleet managers in improving efficiency and lowering costs.
Motorq has raised $40 million to expand its connected vehicle platform. Officials at Motorq say that the funds will be used for product development, collaboration with OEMs, to improve the platform for new markets, and entry into the European and Japanese markets.
Insight Partners led the series B round of funding and was joined by existing investors, Story Ventures and FM Capital.
Motorq’s platform is designed to help fleet managers increase efficiency and reduce costs. It monitors vehicle data and runs analytics and machine learning models. Customers can get insights through APIs and other tools. The system can be used by fleet managers to track vehicle deliveries, complete trips, driver analysis, and coach drivers. It also provides insight into EV charging and fuel usage and alerts them when maintenance is required.
Motorq CEO and co-founder Arun Rajagopalan stated that the rise of connected vehicles presents an unparalleled opportunity for growth across a variety of industries.
He stated that Insight Partners has provided capital and other resources to support his core strategy. “With these insights from data, we are uniquely equipped to deliver insights from the data that can reduce costs, boost efficiency for fleets, optimise car rental fleet management, revolutionise underwriting insurance and deliver new revenue opportunities to OEMs and dealers.”