Why Wejo Shares Are Rising



Wejo Group Ltd (NASDAQ: WEJO) is trading higher Wednesday morning after the company announced a new connected vehicle platform with Microsoft Corp (NASDAQ: MSFT), called Wejo Neural Edge.

The connected vehicle platform was launched virtually from the Microsoft Partners Pavilion at CES 2022. The platform is designed to enable intelligent handling of data from vehicles at scale, while providing incredible insights that protect privacy and empower automotive innovation.

Wejo’s Neural Edge optimizes how this data is managed within the vehicle, further processes it and communicates with the cloud.

Wejo said the process reduces data overload and maximizes data insights. It also reduces costs for automotive manufacturers and improves manufacturing.

“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,” said Richard Barlow, founder and CEO of Wejo.

Barlow continued, “Partnering with Microsoft and Palantir Technologies Inc (NYSE: PLTR) has positioned us to address this problem today, and to look ahead at the benefits of Wejo Neural EdgeTM as a driver in the growth of autonomous mobility.”

Palantir is also an investor and partner with Wejo for connected vehicle technology.

Related Link: EXCLUSIVE: Wejo Announces New Connected Vehicle Platform With Microsoft

Wejo operates in connected vehicle data, enabling smarter mobility by organizing data and then standardizing and enhancing the data streams on a vast scale.

WEJO Price Action: Wejo has traded as low as $4.83 and as high as $19.65 over a 52-week period.

The stock was up 13.8% at $7.17 at time of publication.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



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