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GM, Palantir-backed Wejo to go public by means of SPAC

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Wejo, the linked lorry information start-up backed by GM and Palantir, prepares to go public through a merger with unique function acquisition business Virtuoso Acquisition Corp. The arrangement, revealed in a regulator filing Friday, will provide the combined business a business appraisal of $800 million, that includes financial obligation.

The offer raises $330 million in earnings for Wejo, consisting of a $230 million money contribution from Virtuoso and a $100 million in personal financial investment in public equity, or PIPE. Previous tactical financiers Palantir and GM anchored the deal, according to Wejo. The business did not reveal the quantities of those financial investments. Present investors will keep 64% ownership of the business, according to its financier deck.

When the deal closes, which is anticipated to take place in the 3rd quarter, Wejo will be noted on the Nasdaq public exchange.

Wejo deals with car manufacturers and tier 1 providers to gather information in real-time from sensing units incorporated in automobiles. The business’s cloud platform aggregates and stabilizes information, and after that shares those insights clients. By 2030, Wejo approximates a linked car information market of $500 billion and a functional addressable market of $61 billion driven by forecasts of more than 600 million linked lorries worldwide.

Wejo stated the money earnings will completely from the deal will completely money its five-year strategy and assist it accomplish numerous development objectives such as onboarding car manufacturers and other OEMs quicker, continuing to rollout services and broadening into brand-new markets.

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Image Credits: Screenshot/Wejo Source


Tags

Automotive, connected cars, GM, Palantir, TC


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