Car-data firms flop as automakers see dollar signs in software
Turns out, carmakers don’t want to share their data all that muchAuto companies promising billions in new software revenue by the end of the decade have been hiring engineers left and right, poaching executives from tech giants and trying to figure out how to process and monetize the oodles of data that connected cars produce.
Wejo, a British startup that also completed a SPAC merger in 2021, is taking the creative route to shoring up its finances. After issuing a going-concern warning last year, it’s in the process of merging with another blank-check company — a transaction that Bloomberg Opinion columnist Chris Bryant has dubbed a Re-SPAC — to secure $100 million in fresh funding. Wejo’s goal is to be cash-flow positive by 2025.
Each carmaker and supplier is capturing data differently, and there’s no one standardized format. That’s what these startups are looking to do — scrub, standardize and organize data so it can be useful to third parties includingThe challenge is that carmakers don’t want to share all that much, or they cherry-pick data to share that, by itself, isn’t all that useful to outside buyers. Another constraint: some data is only valuable in the aggregate, when provided by many automakers.
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