US automotive giant General Motors (GM) has provided a significant boost for Chester-based tech start-up Wejo.
The company has reportedly received £19.4 million from the motoring group in exchange for a 35 per cent stake in the business. The two businesses have also set up a long-term data sharing agreement.
Wejo focuses on analysing the data from ‘connected’ cars. New motors now have hundreds of sensors in them that can help car manufacturers learn from performance data, as well as providing drivers with a host of information about everything from traffic in their area to fuel price comparisons.
Founder Richard Barlow recognised the value that data from connected cars could offer breakdown services, local authorities and insurers.
Speaking to Cheshire Live, Mr Barlow described the strategic partnership with GM as “a major step forward”.
“Connected car data is of enormous value, not least to drivers who will be able to use it to unlock an evolving number of benefits, whether that’s cheaper insurance and fuel or a place to park,” he added.
Wejo currently employs 150 people, who are based in Chester and Manchester in the north-west, as well as San Jose in the US.
This isn’t the only Chester-based business to be doing well at present. Cheshire Live recently reported that holiday business Sykes Cottages recorded a 36 per cent boost in bookings in 2018, compared to a year earlier, and that the firm is hoping for similar success in 2019.
Things have started well, with the company breaking records for the number of bookings it received on 13 January.
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