GM, Palantir-Backed Wejo to go Public Via SPAC

Wejo, a connected vehicle data startup with the support of GM and Palantir, plans to go public through a merger with the special purpose acquisition company Virtuoso Acquisition Corporation. The deal, announced by the filing regulator on Friday, will give the joint venture an $800 million enterprise valuation, including debt. The deal rises for $330 million for Wejo, including $230 million in cash contributions from Virtuoso and $100 million for private investment in public equity or IP, including previous strategic investor Palantir and GM anchored the transaction, according to Wejo. Once the transaction closes, which is expected to happen in the third quarter, Wejo Nasdaq will be listed on the public exchange.

Wejo works with automakers and tier 1 suppliers to collect real-time data from integrated sensors in cars. The company’s cloud platform aggregates and normalizes data and then shares those insights with customers. 

By 2030, Wejo estimates a connected vehicle data market of $61 billion connected to an estimated 600 million connected vehicles worldwide and an effective inefficient address market of $500 billion. Wejo said the cash transaction will fully fund his five-year plan as a result of the transaction and it will help achieve much faster goals such as driving automakers and other OMEs faster, continuing services and expanding into new markets.

The deal rises for 330 million for Wejo, including $230 million in cash contributions from Virtuoso and $100 million for private investment in public equity or IP, including previous strategic investor Palantir and GM anchored the transaction, according to Wejo. The company did not disclose the amount of these investments. Current shareholders will retain 64% ownership of the company as per the deck of investors. 

Once the transaction closes, which is expected to happen in the third quarter, Wejo Nasdaq will be listed on the public exchange. Wejo works with automakers and tier 1 suppliers to collect real-time data from integrated sensors in cars. The company’s cloud platform aggregates and normalizes data and then shares those insights with customers.