Motorq raises $40 million
Connected car API company Motorq has raised $40 million in Series B funding. The round was led by Insight Partners, with participation from existing investors including Story Ventures, FM Capital, Monta Vista Capital and Avanta Ventures, the investment arm of CSAA Insurance Group.
Founded in 2016, the California-based startup enables companies to leverage data and actionable insights from connected-car systems. Motorq’s platform performs ingestion, normalization, stream analytics processing, and data provisioning via APIs and other methods. Motorq has relationships with the top 10 global automotive companies covering 21 brands and it can retrieve information from over 51 million vehicles today.
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.
“The increasing ubiquity of connected vehicles creates an unprecedented opportunity for growth for a range of industries. 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.” – Arun Rajagopalan, co-founder and CEO of Motorq.
“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. 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 True, operating partner at Insight Partners.