Wejo Group Ltd (NASDAQ:WEJO) expanded and extended collaboration with Microsoft Corp (NASDAQ:MSFT) Microsoft Maps.
Wejo is a cloud and software analytics leader for connected, electric, and autonomous vehicle data.
What Happened? The expansion will significantly enhance the capabilities of Microsoft's mapping products in multiple territories globally.
Also Read: EXCLUSIVE: Wejo Announces New Connected Vehicle Platform With Microsoft
It will also facilitate the ability for Microsoft to receive real-time Wejo data from all territories to enhance further and improve its mapping capabilities, including intelligent routing, route optimization, identifying parking spaces, and more.
Now Microsoft can contextualize activities on any road at any given time across the complete set of the Microsoft Maps offerings under the global agreement.
Why Does It Matter? "With the connected vehicle data market slated to reach $61 billion by 2030, it is more important than ever to harness the power of the information collected from these vehicles, and that's no easy task," Wejo Founder and CEO Richard Barlow said. "Our expanded relationship with Microsoft is a rock-solid example of effectively working together across OEMs and providers to deliver data sets that improve the experience of drivers globally."
Microsoft utilizes Wejo's data to analyze actual vehicle movement instead of device movement, using over 16 billion daily data points from 12 million connected vehicles. It significantly improves the quality of traffic-oriented data and allows Microsoft mapping services to create a faster, faster, more innovative, and more cost-efficient driving experience.
Wejo's data helps Geographic Information Systems (GIS) and consumers better understand location popularity, uncover new routes, analyze journey times by fuel type, and gain real-time insight into road incidents and weather events' impact.
"The accuracy and reliability of Wejo's data has allowed us to develop significant improvements to our mapping services for millions of Bing Maps users," Microsoft VP Nick Lee said.
Price Action: WEJO shares closed higher by 4.67% at $2.24 on Wednesday.
