Mojio secures $30m to speed up its connected car solution

Canadian connected vehicle startup Mojio has managed to secure a total of $ 30 million in Series B funding round led by Kensington Capital.

Mojio, whose connected-vehicle solution helps transform any car into a connected one, plans to utilise the funding to speed up the automotive solution and expand globally. The Mojio device supported by seven wireless carriers operates in five nations at present.

According to company CEO Kenny Hawk, thus far Mojio has transformed 500,000 vehicles into connected vehicles globally.

"People don’t want to wait for their next vehicle to access valuable safety and security features, let alone another 10 to 15 years for the promise of self-driving cars," says Hawk.

"But they are willing to spend $ 10 to $ 15 per month to access actionable, real-world data that empowers smarter decision making around family safety, driving behaviour, vehicle maintenance, and that offers a hassle-free Wi-Fi hotspot that doesn’t drain your smartphone.”

Mojio is the only firm to have receive an investment from the $ 100 million BC Tech Fund, launched in 2016 and managed by Kensington Capital. The funding amount, however, remains undisclosed.

You can find out more about Mojio here.

What are your thoughts on Mojio's strategy? Let us know in the comments.

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Edge analytics software FogHorn banks $30M Series B

FogHorn Systems, edge-intelligence software for commercial and industrial IoT applications raised a $ 30M Series B round this week at an unknown valuation.

Intel Capital and returning investor Saudi Aramco Energy Ventures led the latest round.

The latest investment comes in a quick succession to the previous rounds whereby FogHorn raised $ 12M in July last year followed by a $ 3M Series A round earlier this May. This brings the company’s total equity funding to $ 47.5M in four rounds from 13 investors.

CEO David King and Foghorn’s management are tight-lipped about the company’s current revenues, though they boast having customers such as Saudi Aramco, GE, HP, and Dell.

One of the key factors contributing to HogForn’s rapid and early success is the enterprise need to have IoT analytics and local data processing capability. This is where FogHorn helps by applying analytics close to the source of data instead of moving it to the cloud. An ‘edge’ might be physical sensor/s, control systems, or a machine.

The startup that was founded in 2014 has been well-received by the press as well. It has received awards and accolades from industry research firms including Gartner, Frost & Sullivan, and 451 Research.

The company also launched its upgraded software that includes machine learning capabilities at the edge of the network via its patent-pending tiny-footprint, complex event processing (CEP) analytics engine.

“The reason this is important is that the vast majority of data streaming from IoT sensors is useless within a very short period of time. The information that is valuable — the anomalies and hard-to-detect patterns — need to be acted upon while operators can take corrective action.”
FogHorn CEO David King.


Postscapes: Tracking the Internet of Things

DataRPM, an industrial IoT-focused predictive analytics startup acquired by Progress for $30M

DataRPM, cognitive predictive maintenance company for the industrial IoT (IIoT) market was acquired by Progress Software Corp on March 29, 2017 for $ 30m. Progress Software is an application development and deployment technology company. The acquisition will help Progress develop cognitive-first applications.

The startup offers both cloud-based and an on-premise solution. A major use case of DataRPM is equipment failure prediction by using its predictive modeling technology. It detects random and unknown failures using unsupervised and semi-supervised machine learning techniques, including Meta Learning which involves learning from experience and feedback. DataRPM’s patented technology consists of real-time business intelligence using search-based analytics engine.

Jaguar, and Samsung are among the two key customers of the company in the IIoT market.

Prominent technology leaders like Amr Awadallah, founder & CTO Cloudera, and Bill Schmarzo, CTO at Dell EMC are among the board members of DataRPM. Amr Awadallah was also an angel investor in DataRPM’s Series A funding round.

Recently, a Poland-based industrial IoT startup Elmodis also entered the M2M predictive analytics space. It targets OEMs (Original Equipment Manufacturers) and industries such as manufacturing, mining, energy, and oil & gas raised $ 4.9M. Elmodis plans to expand their sales to the U.S market.


Postscapes: Tracking the Internet of Things