Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, and Wejo, a global leader in connected vehicle data, today announced that they have entered into an agreement to deliver enhanced connected vehicle data content to Iteris’ public-sector and commercial customers throughout North America.
Under the terms of the agreement, Iteris will join Wejo’s partner program to provide new and existing customers with real-time movement data from more than 11 million connected vehicles in North America. In addition, Wejo will join Iteris’ ecosystem of mobility intelligence providers, empowering public-sector and commercial enterprise customers in the transportation space nationwide with Wejo’s connected vehicle data. Connected vehicle data characteristics will combine with additional layers of real-time traffic and weather information, incremental predictive inputs and artificial-intelligence capabilities from Iteris’ ClearMobility™ Cloud. The combination will enable a new level of insights in areas such as commuter information, traffic mitigation, road network management and studying road utilization.
“We are excited to announce this partnership, which will make Wejo’s near real-time connected car data available to Iteris’ public-sector and commercial enterprise customers nationwide for the first time,” said Richard Barlow, CEO at Wejo. “Our value-added insights will enhance and improve Iteris’ product offerings, and ultimately contribute to improved safety and reduced congestion on roadways throughout North America, while helping to shorten journey times and providing car owners with a materially better driving experience.”
This news comes on the heels of growing interest in connected vehicle data and promise for its applications across sectors. Microsoft, Palantir Technologies, Sompo Holdings and General Motors have all become strategic investors in Wejo as part of the definitive agreement it made to enter a business combination with Virtuoso Acquisition Corp. (NASDAQ:VOSO) in a transaction expected to close later this year.
“We are delighted to announce our partnership with Wejo and welcome the expansion of their industry-leading vehicle intelligence into Iteris’ smart mobility infrastructure ecosystem,” said Joe Reed, chief technology officer, and senior vice president and general manager, Applications and Cloud Solutions at Iteris. “Wejo is a leader and pioneer in connected vehicle data, and combined with valuable traffic and weather information, and artificial-intelligence driven capabilities from our ClearMobility Platform, Iteris will enable safer and more efficient mobility for public transportation agencies and commercial enterprises throughout North America.”
According to McKinsey, by 2030, around 95% of new vehicles sold globally will be connected, up from around 50% today, and the global market opportunity of the resulting data is estimated at between $250 billion and $400 billion. Connected vehicles are fitted with hundreds of sensors, each telling the story of the vehicle’s current state and how it is used. Advanced communication systems then exchange individual vehicle, journey and geospatial information with personal smart devices, other vehicles, IoT devices and transportation infrastructure, such as roadside traffic cabinets. As connected vehicles and smart mobility infrastructure expand, along with the seamless flow of data between them, drivers will benefit from improved safety and efficiency in the transportation network, from intersections to arterial and highways.
About Iteris, Inc.