• Beam Connectivity is pioneer in connected vehicle systems and has developed a high performance, versatile and secure end-to-end connected vehicle solution.
• The globally 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 an electric vehicle, and the investment will accelerate commercialization of the Company’s connectivity solutions.
WAE has recently announced a strategic equity investment in Beam Connectivity Limited, a pioneer in the connected vehicle technology solutions industry. This investment aims to support the commercialisation of the company's end-to-end connected vehicle solution.
Beam Connectivity was established in 2020 to tackle the fragmented nature of the connected vehicle systems market. The company has developed a versatile, high-performance, and secure end-to-end connected vehicle solution. By creating this solution, Beam Connectivity is seeking to enhance the connected vehicle experience for end-users and organisations that deploy them.
The global connected vehicle market is expected to grow significantly, from $60 billion in 2021 to $160 billion by 2028, according to Mordor Intelligence. This growth is being driven by the increasing need to monitor fleets of vehicles in real-time and improve efficiency, including over-the-air software updates, as well as the implementation of vehicle connectivity legislation and standards.
WAE has been working with Beam Connectivity on various projects since 2020, including telematics for electric vehicle programmes. The investment from WAE will accelerate the commercialisation of Beam Connectivity's connected vehicle solutions. The investment will help the company to scale its solutions and build its commercial team, enabling it to capitalise on new market opportunities.
Craig Wilson, CEO of WAE, has expressed delight in furthering the relationship between the two companies. WAE believes that Beam Connectivity's class-leading connectivity solutions will benefit from the investment, bringing them to the market faster.
Thomas Sors, CEO of Beam Connectivity, noted that the company supports several vehicle manufacturers, providing them with a best-in-class connectivity system and high-value vehicle insights. The investment from WAE will help the company to accelerate the deployment of its Connected Vehicle as a Service platform.
Alex Burns OBE will join Beam Connectivity as Non-Executive Chairperson to help navigate the company's growth trajectory. Burns expressed his delight at joining the company at such an exciting time, noting that Beam Connectivity has an excellent management team and a class-leading connectivity solution. Burns believes that 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.
Overall, this investment reinforces WAE's focus on advanced mobility, bringing digital solutions to the market that will make mobility cleaner, safer, and more convenient.
