Wejo, a British auto information startup backed by Basic Motors Co, stated on Tuesday that Microsoft Corp and insurer Sompo Holdings Inc will make investments $25 million within the firm.
The funding comes as Wejo prepares to go public later this 12 months by a reverse merger with blank-check firm Virtuoso Acquisition Corp.
The deal was introduced final month and valued the startup at $800 million together with debt.
Microsoft and Sompo be part of Basic Motors and information analytics agency Palantir Applied sciences Inc as a part of Wejo’s non-public funding in public fairness (PIPE) financing, which now stands at $125 million.
Manchester-based Wejo organizes information from virtually 11 million automobiles linked to the web for purchasers akin to GM, Hyundai Motor Co and Daimler.
