If you didn’t believe the modern vehicles you’re financing, retailing or repairing are smartphones rolling on four wheels, perhaps this investment announcement will sway your opinion.

MOTER Technologies, an artificial intelligence-powered insurtech company that delivers a connected vehicle data platform serving the insurance and automotive industries, said on Monday that it gained an additional strategic investment from ITOCHU Corp., one of Japan’s leading general trading companies.

According to a news release, the funding will support further development of MOTER’s technology platform, broaden its market partnerships and drive its growth across the automotive and insurance industries.

Together, MOTER and ITOCHU aim to enhance the end-to-end insurance customer experience in the U.S. mobility market.

Looking ahead, MOTER and ITOCHU said they plan to explore opportunities beyond insurance in areas such as information technology, communications and financial services.

Furthermore, MOTER added that it will also continue working with current and prospective partners on initiatives spanning connected vehicle data, telematics, risk intelligence and broader automotive solutions.

“We’re pleased to receive this additional investment, which reflects ITOCHU’s continued confidence in MOTER and the progress we have made together since forming our partnership last year,” MOTER founder and CEO Kenji Fujii said. “This investment will help us extend the reach of our mobility data and insurance technology and pursue new opportunities with ITOCHU beyond insurance.”

The investment builds on that collaboration, as the two companies have jointly developed connected vehicle solutions for the auto insurance industry and created new mobility data offerings.

ITOCHU also supports MOTER’s auto insurance programs through ITOCHU Group’s reinsurance capabilities.

“Since entering into our capital and business alliance with MOTER last year, our collaboration has progressed steadily, and we are pleased to deepen our relationship through this additional investment,” said Tadayoshi Yamaguchi, chief operating officer of the financial and insurance business division of ITOCHU.

“By combining MOTER’s advanced mobility data analytics and insurtech capabilities with our global business platform and broad industry network, we aim to accelerate value creation in next-generation mobility,” Yamaguchi went on to say.