WAE has announced a strategic equity investment in Beam Connectivity Ltd., pioneers in the connected vehicle space.
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 recognized that connected vehicle solutions offered an underwhelming experience for both end users and the organizations that deploy them and established Beam Connectivity to address this issue.
Connected Vehicle System
By developing a high performance, versatile and secure end-to-end connected vehicle solution, Beam Connectivity are aiming to capitalize 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 capitalize 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.”
About WAE Technologies Ltd.
WAE is a world-leading technology and engineering services business delivering pioneering innovation to improve performance, efficiency, and sustainability to a global customer base. Combining cutting-edge technological advances and the industry’s best engineers with precision and speed to market derived from the ultra-competitive environment of motorsport, WAE’s capabilities cover a wide range of disciplines.
The company can trace its foundations back to 2010 when Williams Grand Prix Engineering Limited began diversifying its operations. WAE has now grown from an embryonic business in 2010 to a company which employs approximately 650 people engaged in leading-edge and transformative technologies for a growing list of clients. Following the acquisition by Fortescue Metals Group, which completed in March 2022, WAE continues to service its existing and new customers and commercialize new technology opportunities, in addition to playing a key role in supporting Fortescue’s decarbonization strategy.
The Company was honored with the Queen’s Award for Enterprise in Innovation 2018.
For more information, visit www.wae.com.
About Beam Connectivity
At Beam Connectivity, their ambition is to build best-in-class connected vehicle systems. They support their customers to focus on the value of their connected vehicle data, while they take care of the underlying connection.
Their core offering is Connected Vehicle as a Service (CVaaS), a high performance and versatile platform with all the components required to deploy a connected vehicle system. They continue to develop new features for CVaaS platform and recent innovations include support for V2X applications and a focus on cyber resilience.
For more information, visit beamconnectivity.com.