WAE (www.wae.com) has announced a strategic equity investment with fellow AESIN member Beam Connectivity (www.beamconnectivity.com), a connected vehicle technology solutions developer.
Beam Connectivity are pioneers in connected vehicle systems and have developed a high performance, versatile and secure end-to-end connected vehicle solution.
The global connected market was estimated to be worth $60bn in 2021 and is forecast to grow to $160bn by 2028.
WAE has been working with Beam Connectivity on a variety of projects since 2020, including telematics for electric vehicle programmes, and the investment will accelerate commercialisation of the Company’s connectivity solutions.
Beam Connectivity was formed in 2020 to address the fragmented nature of the connected vehicle systems market, seizing the opportunity to develop a full end-to-end solution.
The founders recognised that connected vehicle solutions offered an underwhelming experience for both end users and the organisations that deploy them and established Beam Connectivity to address this issue.
By developing a high performance, versatile and secure end-to-end connected vehicle solution, Beam Connectivity are aiming to capitalise on the growth predictions of the connected vehicle market which, according to Mordor Intelligence, is forecast to reach $160bn by 2028 driven by the growing need to monitor fleets of vehicles in real time and the opportunity for efficiency improvements including over the air software updates and implementation of vehicle connectivity legislation and standards.
WAE’s investment will support Beam Connectivity to scale its connected vehicle solutions, helping to build its commercial team and accelerate the Company’s growth.
Having worked with Beam Connectivity on a number of telematics projects previously, the team at WAE are committed to working together to offer long term solutions to customers and capitalise on new market opportunities.
Alex Burns OBE will join Beam Connectivity as Non-Executive Chairperson to help navigate the Company’s growth trajectory. The investment further demonstrates WAE’s focus on advanced mobility, bringing digital solutions to market that will make mobility cleaner, safer and more convenient.
Craig Wilson, CEO of WAE, said, “Beam Connectivity are a key supplier to WAE and have built an excellent relationship with our engineering team.
“We are delighted to further our relationship through this investment which will bring Beam Connectivity’s class leading connectivity solutions to market faster.”
Thomas Sors, CEO of Beam Connectivity, commented, “Beam Connectivity supports several vehicle manufacturers, providing them with a best-in-class connectivity system and high value vehicle insights.
“This investment will enable us to grow our commercial team and accelerate the deployment of our Connected Vehicle as a Service platform.
“We have strong alignment with WAE and are pleased to strengthen our relationship with them through this investment.”
Alex Burns OBE (Non-Executive Chairperson of Beam Connectivity) added, “I am delighted to be joining Beam Connectivity at this exciting time for the Company.
“Beam Connectivity has an excellent management team and a class-leading connectivity solution.
“The investment and support from WAE will help the team to accelerate the growth of the business by providing their solution to their growing customer base.”