Wejo stock surged more than 30% in premarket trading after Wejo announced new connected vehicle platform with Microsoft.
Microsoft Corp, which is an investor in Wejo Group, is partnering with Wejo on the new platform.
“Neural Edge uses machine learning to address data overload and deliver faster, more cost effective, and sustainable vehicle communication insights,” Wejo said in a press release. The platform sends only useful and valuable connected vehicle data to the cloud.
The platform launched virtually from the Microsoft Partners Pavilion at the 2022 Consumers Electronics Show in Las Vegas.
Why It’s Important:Wejo highlighted latency and data storage costs as obstacles in real-time vehicle communications. Neural Edge optimizes how connected vehicle data is managed and communicated to the cloud.
The new process reduces data overload and maximizes data insights while also improving costs for automotive manufacturers.
Neural Edge enables vehicle to vehicle and vehicle to infrastructure, which could provide a “key building block for communication in near real time.” The technology could help with vehicles communicated with traffic lights, road signs and parking lots.
“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,” Wejo CEO and Founder Richard Barlow said.
Wejo said the new platform could help make vehicles safer, advance electric and autonomous vehicle technology and reduce congestion and emissions.
Wejo offers its common data model and Neural Edge to customers that include automotive manufacturers.Palantir Technologies is an investor and partnerwith Wejo on the connected vehicle technology.
Wejo has data points from 11.9 million vehicles globally from multiple vehicle brands.