Motorq eyes Europe and Japan after $40 million funding
New York-based connected car API company Motorq has raised $40 million to fuel its future expansion goals.
Motorq will use the funding for product development, enhancing engineering teams and increasing collaboration with OEMs in the automotive industry.
The biggest step in the expansion plan is establishing sales and business development in Europe and Japan while augmenting the core business of Motorq in the new markets. Eventually, Motorq aims to reach more customers in insurance, automotive retail and dealer services by promoting its advanced connected car data analysis system.
The cloud-based platform gathers data from over 51 million vehicles through global collaborations in the automotive and fleet industries. It does so via a vehicle's onboard computer and runs analyses based on machine learning models while adding other data sets into the analysis to gather useful insights. This enriched data is then delivered to customers via APIs (application programming interfaces).
Boosting fleet efficiency
The funding will help to the improvement of the Motorq platform, which provides critical information for fleet efficiency:
- Geofencing;
- Complete trip analyses,
- Driver coaching,
- Maintenance notifications,
- Fuel management reporting,
- Delivery tracking.
The Motorq platform thus supports fleets in reducing fuel costs, increasing vehicle and driver efficiency and strengthening the corporate car policy. With the new funding, Motorq aims to expand auto rental fleet management and insurance efficiency while offering new opportunities for OEMs and dealers.
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