Mojio Inc, the Vancouver-based maker of a cloud-connected device for cars and an app for smartphones, has closed a seed-stage financing round totaling $2.3 million. The deal was led by Canadian venture capital firm Relay Ventures, with the participation of 500 Startups, BDC Venture Capital and a number of other private funds. Founded in 2012, Mojio will use the new funding to bring to market its connected car app, which the company said is in the final stages of development, and will launch within a few months. Additional products will be made available from the Mojio app store for cars, to be announced in Q1 2014.
Mojio Secures $2.3 Million Seed Financing and Previews Key Features for its First Version Connected Car App
Investment led by Relay Ventures secures company’s runway to market
VANCOUVER – October 28, 2013 – Mojio (MO-jee-oh), the company connecting cars to your favorite people, places and things, today announced that it has closed a seed financing round led by Relay Ventures, with participation from 500 Startups, BDC and a number of other private funds. The $2.3 million in seed financing will be used by Mojio to bring to market its connected car app, which is in the final stages of development and will launch within a few months.
“Mojio is creating a custom driver experience through an ecosystem of car apps that will mirror the highly personalized relationships people have with their smartphones, making people’s driving lives intuitive and seamless,” said Jay Giraud, CEO of Mojio. “This financing has now propelled our company to a leadership position to bring that vision to the rapidly growing connected car market.”
Mojio is a cloud-connected device for cars. It is supported by a smartphone app for iOS and Android that unlocks and connects real-time vehicle information to a user’s life. From parking payments to turning off lights as a user leaves home, Mojio will automate many everyday tasks while keeping driver safety and convenience top of mind. Quick and easy to install, the device simply plugs into the onboard diagnostic port (OBD) of most cars introduced since 1996. Mojio uses an always-on cellular connection and an open platform to support an ecosystem of drivers, partners and companies focused on continually improving the driver experience through the world’s first app store for cars.
“Mojio has the right approach to becoming the breakaway leader of the connected car space and has the right team to execute on the company’s vision,” said John Occhipinti, partner at Relay Ventures.
The first release of Mojio will include diagnostic reporting, social connection and location tools:
Mojio protects cars by collecting critical vehicle data and alerting the driver in simple language when there is a problem, and provides peace of mind when all systems are in check. The era of the painfully vague “engine” light will come to an end as Mojio specifies the problem and will soon recommend mechanics offering a real-time deal or the nearest locations for a repair. Mojio will also offer road warriors mileage tracking and quick and easy fuel efficiency reports.
Each Mojio user creates a profile complete with their user preferences and car details. Mojio automatically loads the user’s profile to create a seamless connected driving experience in any Mojio-enabled car. With a couple of screen swipes, Mojio lets drivers share their data or follow friends with turn-by-turn directions. Mojio also keeps driver safety and attention top of mind by removing the social pressure to respond to texts while driving by auto-responding on the driver’s behalf. Mojio knows the driver’s next destination and will automatically notify people they will be meeting of an updated estimated time of arrival (ETA). These features help to ensure the driver remains focused on the road.
With a 4G cell connection built right into the Mojio device, drivers are connected to the car at all times. This enables the driver to easily find their car, which is particularly useful when sharing a car or parking in a hurry. Mojio will alert the driver if the car is being towed, stolen or broken into, and can provide real-time tracking to police or help deliver facts for an insurance claim. Mojio also offers geo-fencing options that can let the owner know how fast or far the car is being driven at the hands of another driver.
Additional apps will be made available from the Mojio app store for cars. These will be announced in Q1 2014.
Mojio is reinventing driving around your smartphone, keeping you connected to your favorite people, places and things. A cloud-connected device for your car and an app for your smartphone, Mojio unlocks your real-time vehicle information and connects that information to your life. From parking payments to turning off lights as you leave home, Mojio will automate many of your everyday tasks, keeping driver safety and convenience top of mind. As an open platform, Mojio has created an ecosystem that lets people and organizations develop apps that help drivers save time, money and headaches – and have fun doing it. For more information, please visit: www.moj.io
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