Announcing Motorq’s $40 Million Series B Funding Round
By Arun Rajagopalan | Co-Founder & CEO
February 16, 2022
Today, Motorq announces we’ve raised $40 million in a Series B to support the continued growth of our company and continued innovation of our connected vehicle data platform. The round was led by Insight Partners, with participation from most of our existing investors.
I couldn’t be prouder of our team, and I thank them for all the hard and smart work done over the last few years. This capital will enable Motorq to serve customers and OEMs better — and solve long-standing and emerging industry pain points.
The opportunity in our space is tremendous. Enterprises that own, manage, or touch vehicles, are hungry for insights. Now with newer connected vehicles being able to send out data about themselves, it behooves us to leverage those datasets and make our customers’ lives easier. But the technical, legal, and operational aspects are not easy. Over the last few years, we’ve been working closely with our customers and OEM partners to figure out ways to scale up. Building a stream processing pipeline and infrastructure for computing and storage of real-time data from multiple sources has been exciting. We are just scratching the surface.
I thank our early customers and partners in the fleet and dealer world, for believing in us, and for providing us feedback on how the product could be better. We work every day to ensure that customers receive their “wow” moments — including the moments where they see the power of the software-only approach to data collection and analyses. Our promise of the phrase “Give VIN (and consent!), Get Data” is now real. We are committed to hearing their feedback on an ongoing basis and improving our product and services.
I thank our OEM partners for their critical support throughout this journey, on technical and legal aspects. Cars are evolving rapidly, and we continue to work with them to extract the necessary datasets from the car to answer our customers’ questions. We are also committed to the highest standards when it comes to data security and privacy and will continue to work with our OEM partners to scale our platform responsibly. We are working closely with 10 of the largest OEMs, and this capital will enable us to co-develop the infrastructure with more OEMs across the globe and to evolve existing connections.
Our current investors and board members have been of great help beyond just the capital they have provided, and we thank them for their faith in us and for their continued support in this round.
Over the next 12 months, our team will be working on many exciting products and features, including:
- Improved driver safety. In addition to capturing driver behavior data, using in-vehicle coaching for real-time audible warnings, reminders, and suggestions for safe driving to prevent accidents before they happen.
- Enhanced maintenance alerts. Listening to the vehicle ECUs to keep on top of basic maintenance and get ahead of costly repairs by automated reports of issues or recommended servicing.
- Pre vehicle delivery tracking with more OEMs. Know where a vehicle is, in real time, from the moment it leaves the factory floor.
- Enhanced geofence management. Set geographical parameters for vehicle travel to make sure they go only where they are supposed to, ensuring efficiency, fuel use, and compliance with company policy.
- EV insights. Get the most out of EV batteries by optimizing routes based on geography, temperature, traffic, and other variables that impact range.
- World-class consent management. Control privacy and the opt-in and opt-out of vehicles based on driver and owner consent.
As we scale, we are looking for great talent to join the Motorq family across engineering, product, data science, sales, and marketing. If you are interested in joining the Motorq mission, we’d love for you to reach out to us.