MSFT - WEJO Stock: 9 Things to Know About Wejo Group as Microsoft Deal Shines Light on the AV Player
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Wejo Group (NASDAQ:WEJO) stock is rising higher on Wednesday after announcing a deal with Microsoft (NASDAQ:MSFT) for a vehicle data platform.
Let’s get into all the details about this partnership below!
- The new platform is going by the name Wejo Neural Edge.
- Its goal is to provide customers with insight into vehicle data.
- Wejo notes that this platform will allow for quick communication between autonomous vehicles (AVs).
- Analyzing and reacting to data in real-time is one of the biggest hurdles that self-driving vehicles face.
- Wejo hopes to minimize this issue with its Neural Edge platform.
- According to the company, Neural Edge will be powered by its ADEPT platform and Microsoft Azure.
- It’s based on the same work the company is using to power its Smart Cities platform.
- One positive benefit of this is reducing the costs for vehicles makers to introduce autonomous options.
- It will also hopefully speed up traffic and result in less congestion as various AVs communicate with each other during travel.
David Burns, CTO of Wejo Group, said the following about the Microsoft partnership boosting the company’s stock today.
“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.”
WEJO stock is seeing heavy trading on today’s news. As of this writing, more than 5 million shares of the stock have changed hands. That’s well above the company’s daily average trading volume of 1.5 million shares.
WEJO stock is up 8.1% as of Wednesday morning.
There’s more stock market news worth checking out below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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