Israeli vehicle data services platform Otonomo today announced the completion of a $46 million in Series C financing round including investments from SK Holdings, Avis Budget Group, and Alliance Ventures as well as existing investors such as Bessemer Venture Partners and StageOne Ventures. This round brings the Herzliya-based company’s total funding raised to $82 million.
Otonomo is currently working with seven new OEMs and connecting over 2.6 billion data points a day. To accommodate this increased demand, Otonomo will use the funds raised to further expand its business, with R&D and the full-service customer support resources needed to facilitate OEM onboarding and data access by partners. The company also plans to expand into additional markets.
Founded by serial entrepreneurand CEO Ben Volkow, Otonomo has developed a car data services platform that securely ingests automotive OEM data, then reshapes, enriches and protects it so companies can use the data to develop a range of apps and services for fleets, smart cities and individual consumers. The platform has data from over 20 million vehicles, and the company is partnering with more than 25 automotive OEMs, fleets, and farm and construction equipment OEMs. Publicly announced partners also include Daimler, BMW, Mitsubishi Motor Company and Avis Budget Group.
The Otonomo ecosystem includes more than 100 partners who provide a rich diversity of offerings, including emergency services, traffic and mapping, on-demand fueling, parking, predictive maintenance, usage-based insurance, media measurement, concierge services, and dozens of smart city services.
Volkow said, "These Series C funds will enable Otonomo to expand our global footprint, further innovate our products, and cement our leadership position. We now have the expanded resources needed to deliver on our vision of making car data as valuable as possible for the entire transportation ecosystem, while adhering to the strictest privacy and security standards."
Published by Globes, Israel business news - www.globes-online.com - on April 30, 2020
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