PALO ALTO, Calif., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Motorq, the leading connected car API company, has raised $40 million in its Series B round of funding. The round was led by New York-based global private equity and venture capital firm Insight Partners, with participation from existing investors including Story Ventures, FM Capital, Monta Vista Capital and Avanta Ventures. Funding will be used to grow the product development and engineering teams, increase collaboration with the automotive OEMs, establish sales and business development in Europe and Japan and enhance the core Motorq platform for new markets, including insurance, automotive rental, and dealer services.
Motorq’s cloud-based system ingests and monitors embedded data from a vehicle’s onboard computers, runs advanced analytics and machine learning models, contextualizes the insights with other information sets and delivers those insights to customers via application programming interfaces (APIs) and other infrastructure tools.
Today, Motorq is the leading integration platform for global OEMs. With relationships with the top 10 global automotive leaders covering 21 brands, Motorq can quickly and securely connect to and provision information from more than 51 million vehicles, a number that is increasing each day. It also has partnerships with 8 of the 10 largest fleet management companies.
“The increasing ubiquity of connected vehicles creates an unprecedented opportunity for growth for a range of industries,” said Arun Rajagopalan, Co-founder and CEO of Motorq. “With fresh capital from Insight Partners and others to support our core strategy, we are uniquely prepared to deliver insights from data that can reduce costs and boost efficiencies for fleets, optimize auto rental fleet management, revolutionize underwriting for insurance, and deliver new revenue opportunities for OEMs and dealers.”
“The data produced by connected cars is applicable to many use cases across the vehicle lifecycle. Motorq is uniquely positioned to provide access to connected car data from all of the major OEMs,” said John True, Operating Partner at Insight Partners. “Their focus on delivering business value from connected vehicles has resulted in triple-digit year over year growth, and Motorq’s building technology agreements with OEMs puts them on a path to becoming a leader in the industry. We look forward to partnering with the Motorq team as they continue to grow and Scale Up.” John will join the Motorq board.
Motorq’s platform creates a range of information designed to help fleet managers improve efficiency, reduce costs, decrease waste, including:
- Pre vehicle delivery tracking. Know where a vehicle is, in real time, from the moment it leaves the factory floor.
- Geofencing. 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.
- Complete trip analysis. Observe and evaluate daily routes to ensure drivers are efficient.
- Complete driver analysis. Track and analyze risky driver behavior, including speeding, harsh braking/acceleration, seat belt use, etc.
- Driver coaching. Use in-vehicle coaching for real-time audible warnings, reminders, and suggestions for safe driving to prevent accidents before they happen.
- EV charging insights. Get the most out of EV batteries by optimizing your routes based on geography, temperature, traffic, and other variables that impact range.
- Fuel misuse reporting. Automatically detect when fueling amounts don’t match starting fuel levels in vehicles to prevent fuel card misuse.
- Maintenance alerts. Keep on top of basic maintenance and get ahead of costly repairs by automated reports of issues or recommended servicing.
- World-class consent management. Control privacy and the opt-in and opt-out of vehicles based on driver and owner consent.
About Motorq Inc.
Motorq is a venture-backed connected-car data and analytics software platform company that enables large fleet owners, fleet management companies and dealer services providers to leverage data and actionable insights from the fragmented set of built-in and aftermarket advanced connected-car systems. Motorq’s cloud-based system performs ingestion, normalization, stream analytics processing, and data provisioning via APIs and other methods. Motorq enables businesses to implement connectivity-derived insights better, faster and less expensively, so they reduce costs, create new experiences, and focus on their core. Additional information is available at www.motorq.com or contact info@motorq.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
