Israel-based Otonomo Nabs $25M in Series B
otonomo, the first data exchange platform and marketplace for the automotive industry, closed a $25 million series B financing led by Delphi Automotive PLC, a leading global automotive supplier, with additional participation by new strategic investors, and all existing investors, including Bessemer Venture Partners, StageOne Ventures and Maniv Mobility. The investment, which signifies another key industry endorsement of otonomo’s technology, will be utilized to drive the company’s aggressive global expansion plans as market demand dramatically increases.
According to a study conducted by Accenture, connectivity is playing an ever-increasingly important role in the driving experience, and the report concludes that consumers value in-car technology more than the car’s driving performance. Thus, solidifying the need for car manufacturers to utilize the data at their disposal to improve the services that consumers are expecting from their cars.
“Data is driving the future of the automotive industry. otonomo enables car manufacturers and ecosystem services alike to capitalize on this opportunity in order to drive new revenues and better driving experiences by enabling secure and managed access to vehicle data,” said Ben Volkow, Co-Founder and CEO of otonomo. “While we are not in the business of building cars, we do have, we do provide a great deal of knowledge and expertise when it comes to data and connectivity. With our connected car platform, we provide a trusted gateway between the services and third party applications drivers want, and the security the automotive industry requires.”
otonomo’s technology offers a cloud-based solution that seamlessly and reliably connects millions of cars to hundreds of services and applications, enabling a new exchange of car data, as well as new business opportunities. The $25 million financing will be used to continue developing otonomo’s current offerings, as well as to expand globally into the U.S., Asian, and European markets. Delphi who is not only leading this round, is also embarking on a commercial partnership with otonomo to further develop and expand new data services for car OEM’s.
“With consumers now demanding more connectivity in their vehicles, we are committed to investing in cutting-edge technologies to leverage the value of this data for our customers,” said Glen De Vos, senior vice president and chief technology officer, Delphi. “This collaboration agreement serves to strengthen our capabilities in data and software technologies, vital for the long-term growth within the automotive market. We are looking forward to working together with otonomo to support the continued development of this exciting technology.”
“We understand what it takes for a company to grow from an inspired idea into a success story,” said Amit Karp, Vice President of Bessemer Venture Partners. “Our continued investment in the business and additional backing are clear evidence and support of otonomo’s ambitious vision to use data and connectivity to transform the entire auto industry. It’s not often we see a company becoming a clear leader in such a large industry which is so ripe for disruption.”
Founded in 2015, otonomo is a cloud-based platform enabling car manufacturers, drivers and service providers to be a part of a connected ecosystem. otonomo aims to give OEM’s and drivers a way of making use of the massive amount of data generated by cars by creating a marketplace that car ecosystem service providers can tap into. Lead by a founding team of serial entrepreneurs, otonomo is leading the car connectivity revolution by facilitating the integration of new services and a new market and revenues chain around the car ecosystem.
Source Otonomo’s press release