The Israeli company has developed a connected car system to share vehicle data and sell it to insurance companies, retailers and more.
Japan's NTT Docomo Ventures Inc. has invested $3m in Israeli personal car data systems developer otonomo. NTT Group says Otonomo complements its connected car platform business and vehicle data service development and thus it is expected to contribute to future business creation. Based in Herzliya and Redwood City, California, the Israeli company is developing a connected car ecosystem to share and integrate vehicle data. Ultimately Otonomo will sell that data to insurance companies, retailers, car manufacturers, municipalities etc. Founded in 2015, the company raised $25 million last year and with the latest investment has raised $41 million to date. Otonomo founder and CEO Ben Volkow told "Bloomberg, "There is one simple rule with marketplaces all across the board - one takes 80% and the rest are left with 20. The way to become that one is to get as many cars on the platform as fast as possible and become dominant.” More than 2 million cars are already on Otonomo’s platform, a number that Volkow told "Bloomberg" will reach 5 million by the end of 2018.
Published by Globes [online], Israel business news - www.globes-online.com - on February 22, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018