Wejo Announces Wejo Neural Edge Processing Platform Streamlining Connected Vehicle Data and Driving Autonomous Vehicle Reality Forward

Rhea-AI Summary

Wejo Group Limited (NASDAQ: WEJO) announces the development of its Wejo Neural Edge^TM platform in partnership with Microsoft at CES in Las Vegas. This platform aims to revolutionize vehicle communication by optimizing data management using machine learning, significantly reducing data overload and costs for automotive manufacturers. It will analyze data from vehicles in real-time, enhancing safety, improving driving experiences, and advancing electric and autonomous vehicles. Key benefits include V2V and V2X communication, cost savings, and a robust digital twin infrastructure.

Positive

• Wejo Neural Edge^TM will significantly reduce network and storage costs for automotive manufacturers.
• The platform can reconstruct 100% of vehicle data from just 20%, improving data efficiency without loss of fidelity.
• Facilitates Vehicle to Vehicle (V2V) and Vehicle to Infrastructure (V2X) communications, enhancing real-time interaction.
• Digital twin technology will optimize mobility experiences and traffic management.

Negative

• None.

In partnership with Microsoft, Wejo Neural Edge^TM uses machine learning to address data overload and deliver faster, more cost effective, and sustainable vehicle communication insights

LAS VEGAS--(BUSINESS WIRE)-- Wejo Group Limited (NASDAQ: WEJO), a global leader in cloud and software analytics generated from AV, EV and connected vehicle data (CVD), today announced it is developing a breakthrough Wejo Neural Edge^TM 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. Leveraging our strategic partnership with Microsoft Azure and powered by Wejo’s ADEPT platform, Wejo Neural Edge^TM optimizes how this data is managed within the vehicle, further processes it at the Edge and ultimately communicates to the cloud. This process will not only reduce data overload and maximize data insights but will reduce costs for automotive manufacturers and improve manufacturing of the vehicle to provide a better driving experience – supporting safer vehicles, enabling further advancements in EV and autonomous mobility, and reducing congestion and emissions.

“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,” said Richard Barlow, Founder & CEO, Wejo. “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^TM as a driver in the growth of autonomous mobility. “

Wejo Neural Edge^TM will filter and analyze vast amounts of AV, EV and CV data before transmitting only the essential information to the cloud. This is made possible by utilizing in-car edge processing that Wejo is developing to filter only useful and valuable CVD before it is transmitted to the cloud. The embedded software technology in combination with Microsoft Azure cloud computing platform will enable Wejo Neural Edge^TM to power automotive innovation by:

• Reducing network and storage costs for the auto manufacturers by optimising the data coming from the vehicle. Leveraging embedded software within the vehicle chipset, Wejo Neural Edge^TM is designed to intelligently choose and prioritize the data to be sent from the vehicle to the cloud.
• Utilizing machine learning algorithms to reconstruct vehicle journey and event data, Wejo Neural Edge^TM can take 20% of the data from autonomous, electric, and other connected vehicles and reconstruct it to represent 100% of the data, without any loss in data fidelity or integrity. The positive environmental impact is significant, as less data requires less storage which in turn reduces power consumption.
• Enabling Vehicle to Vehicle (V2V) and Vehicle to Infrastructure (V2X) communications. Wejo Neural Edge^TM enables the standardisation and centralisation of the data that comes from autonomous, electric and connected vehicles. Not only does this provide a key building block for communication in near real time, but it also supports communication with infrastructure services such as road signs, traffic lights and parking lots, so vehicles can easily anticipate the road ahead and optimise mobility experiences.
• Delivering a digital twin of the vehicle and cities to reshape how we view the entire product and service ecosystem related to mobility. In a simulation environment, a digital twin of the US can be constructed to simulate how vehicles in different cities need to respond and navigate without having to outlay massive infrastructure costs of physical hardware or vehicles to be able to relearn how a vehicle should behave as an AV or EV, in the Smart City, etc.

“At Wejo, we believe that digital twins will reshape everything from road safety, to insurance, advertising, after-sales and more,” said David Burns, Chief Technology Officer, Wejo. “With Wejo Neural Edge we can look at what a CV is doing a kilometer away, and then alter and change the driver experience of an AV based on the information that is coming from down the road.”

As more auto manufacturers work to harness their vehicle data, Wejo Neural Edge^TM and Wejo’s common data model will enable different manufacturer makes and models to speak the same data language, a key component supporting vehicle to vehicle communication and vehicle communications with infrastructure and services. Wejo’s continued partnership with Palantir furthers how this model can adeptly address the problems of today and inform decisions for tomorrow.

“Our ongoing partnership with Wejo is focused on the most complex and critical challenges facing the future of mobility” says Shyam Sankar, Chief Operating Officer of Palantir Technologies. “What Wejo is building atop Palantir Foundry, including their cutting-edge neural edge technology, is a testament to the depth of their vision, speed of execution, and power of combining our technologies.”

Further details about the availability of the Wejo Neural Edge Processing platform will come at a future date.

About Wejo

Wejo (NASDAQ: WEJO) is a global leader in connected vehicle data, revolutionising the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. The company enables smarter mobility by organising trillions of data points from 11.9 million vehicles and more than 60 billion journeys globally, across multiple brands, makes and models, and then standardising and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organisations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo employs more than 250 people and has offices in Manchester in the UK and in regions where Wejo does business around the world. For more information, visit: www.wejo.com.

About Palantir

Palantir Technologies Inc. builds and deploys operating systems for the modern enterprise. Additional information is available at https://www.palantir.com.

Who dares, wins.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this release, including statements regarding the Company’s future operating results and financial position, business strategy and plans, objectives of management for future operations are forward-looking statements. These statements are based on the Company’s current expectations, assumptions, estimates and projections. These statements involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements are based on management's current expectations and assumptions regarding the Company’s business, the economy and other future conditions.

Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, without limitation, those factors described in the Company’s filings with the Securities and Exchange Commission.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the impact of the COVID-19 pandemic on the Company’s business; (ii) the inability to obtain or maintain the listing of the Company’s common shares on the Nasdaq Stock Market following the business combination; (iii) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, and retain its key employees; (iv) changes in applicable laws or regulations; (v) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors, and (vi) the company’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in Wejo’s Form 10-Q for the period ended September 30, 2021 and Wejo’s most recent filings with the SEC. All readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220104006003/en/

Media:

Andrew Ford, Wejo

Andrew.Ford@wejo.com



Antonio De Soto, Peppercomm on behalf of Wejo

aDeSoto@peppercomm.com



Investors:

Tahmin Clarke, Wejo

tahmin.clarke@wejo.com



Idalia Rodriguez, Arbor Advisory Group on behalf of Wejo

investor.relations@wejo.com

Source: Wejo Group Limited

FAQ

What is Wejo Neural Edge^TM?

Wejo Neural Edge^TM is a platform developed by Wejo in partnership with Microsoft to optimize vehicle data management and communication.

When was Wejo Neural Edge^TM announced?

The announcement was made virtually during the Consumer Electronics Show (CES) in Las Vegas.

How does Wejo Neural Edge^TM improve vehicle communication?

It reduces data overload, lowers costs for manufacturers, and enables robust Vehicle to Vehicle (V2V) and Vehicle to Infrastructure (V2X) communications.

What potential impact does Wejo Neural Edge^TM have on the automotive industry?

It aims to enhance safety, improve driving experiences, and support advancements in electric and autonomous vehicles.