Wejo Group Ltd (NASDAQ:WEJO) rose sharply Wednesday, after the company announced a new connected vehicle platform with Microsoft (NASDAQ:MSFT), called Wejo Neural Edge.
The company, which claims to be a global leader in cloud and software analytics generated from AV, EV and connected vehicle data (CVD), today announced it is developing the Neural Edge platform that will enable intelligent handling of data from vehicles at scale, while providing incredible insights that protect privacy and empower automotive innovation.
In partnership with Microsoft, Wejo will make the announcement virtually from the Microsoft Partners Pavilion at the Consumer Electronics Show in Las Vegas.
With so much rich data coming from vehicles today, latency and data storage costs are potential obstacles in harnessing and scaling the power of real-time vehicle communications - both with other vehicles and the infrastructure that is set to power Smart Cities.
Said CEO Richard Barlow, "When I started Wejo in 2014, I knew that the proliferation of new mobility technology would drive data to a tipping point. And we are at that point today.
"With today’s vehicles producing approximately 25 gigabytes of data per hour, and as vehicle technology advances adding more sensors, data filtering and neural edge processing technology is essential to reduce this overload and drive the industry forward. Partnering with Microsoft and Palantir has positioned us to address this problem today, and to look ahead at the benefits of Wejo Neural Edge as a driver in the growth of autonomous mobility."
WEJO began Wednesday up 97 cents, or 15.7%, to $7.28.
