Israeli vehicle data connected car platform and marketplace Otonomo Technologies Ltd. (Nasdaq: OTMO) has announced that it has acquired Israeli behavior analytics and mobility intelligence company Neura.
No financial details about the acquisition were disclosed but sources estimate that Otonomo is paying $50 million in bcash and shares for a full equity stake in Neura, which has raised $34.22 million, according to Start-Up National Central. Investors include Pitango, Moneta, Qureta Retail Group, Amdocs and Axa Venture Partners. Liberty Israel and Lenovo.
Otonomo's will leverage Neura’s advanced analytics powered by patented Artificial Intelligence (AI) and Machine Learning (ML) technologies, and diverse multi-layered data to expand its mobile intelligence platform.
Otonomo has also announced the launch of new solutions, leveraging Neura technologies, that will provide transportation planners, EV service providers, MaaS providers, fleets and others, with the actionable multimodal and mobility insights required for the effective planning and operation of expedient and sustainable transportation networks.
The company aims to empower organizations across the mobility, transportation and automotive ecosystem to drive strategic, data-driven decisions by transforming vast amounts of rich, accurate data and activity signals into actionable and valuable insights.
Otonomo cofounder and CEO Ben Volkow said, "The acquisition of Neura reinforces Otonomo’s leadership in the mobility, transportation and automotive data space. In response to our customer and market needs, we can now provide increased value and the required deeper and a more holistic view of mobility. Otonomo is excited to expand its portfolio of SaaS offerings to include vertical specific intelligence solutions. This elevates the Otonomo platform into an impactful solution for the wider mobility, transportation and automotive industries."
Based in Herzliya, Neura was founded by VP product Ori Shaashua, CTO Triinu Magi and VP R&D Gil Mahler. CEO Amit Hammer will join Otonomo as EVP operations.
Hammer said, "The synergy between Otonomo and Neura holds great promise for the mobility and transportation ecosystem. We are merging Otonomo’s rich, ground-truth vehicle data from automotive manufacturers, and its advanced data platform and marketplace with Neura’s diverse mobility analytics, insights and intelligence solutions. Going forward, Otonomo intends to provide effective solutions for the most pressing planning, deployment and operation challenges of EV service providers, MaaS providers, fleets and others."
Otonomo's share price rose 1.63% on Nasdaq yesterday to $4.98, giving a market cap of $625.6 million about half the amount of its listing price in August after the company completed its SPAC merger.
Published by Globes, Israel business news - en.globes.co.il - on October 5, 2021
Copyright of Globes Publisher Itonut (1983) Ltd. 2021