POSTED NOV 1, 2016
otonomo Raises $12 Million to Revolutionize the Connected and Autonomous Car Services Ecosystem
otonomo Leverages its Cloud-Based Platform to Enable Car Makers to Offer Hundreds of New Car Applications and Services to Drivers, Through Access to Car Data
Tel Aviv, Israel (November 1st, 2016) otonomo, the leading cloud-based platform enabling car manufacturers, drivers, services and application providers to be a part of a connected ecosystem, announced today the closing of $12 million series A financing. The round was led by Silicon Valley venture capital firm, Bessemer Venture Partners and Stageone Ventures. Additional participants in the round include Maniv Mobility, and LocalGlobe.
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 ecosystem of car data, plus an enriched and safer driving experience. The company seeks to advance the connected and autonomous car arenas to improve the drivers’ experience. This is done via otonomo’s marketplace, which connects many services and application providers to the car makers, and otonomo’s data exchange, which provides real-time connectivity between cars and applications.
“Gartner has predicted that by 2020, a quarter of a billion connected vehicles will be on the road—all of which will depend on in-car digital apps,” said Ben Volkow, CEO and Co-Founder of otonomo. “But in order for cars to provide the best connected service for drivers, car manufacturers need a platform they trust to share and negotiate data between them and application providers while meeting different data and privacy regulations that respect and accommodate drivers’ privacy. That’s where otonomo comes in, as our integrated cloud-based platform is a trusted gateway between the services and apps drivers want and the security the automotive industry needs.”
otonomo has already started trials with car manufacturers and providers of car services. The $12 million financing will be used to further expand otonomo’s current offerings, scale its target audience for potential growth opportunities, and to introduce otonomo as a leading vendor in the automotive industry.
“Bessemer Venture Partners is always on the hunt for passionate and thoughtful founders that aren’t afraid to push the boundaries and turn exciting ideas into market leading businesses,” said Amit Karp, Vice President of Bessemer. “otonomo is focused on simplifying the building and developing of services for connected cars and ultimately facilitating growth in the connected car ecosystem. otonomo ensures drivers and car manufacturers have access to their favorite services and apps and we are excited about otonomo’s platform and their approach to disrupting the trillion-dollar global auto industry.”
Additionally, the company announced three significant additions to the otonomo team. Andy Geisse, Former CEO AT&T Business Solutions, has joined the company’s Board of Directors. Mary Chan, Former GM OnStar, and Steve Girsky, Former Vice Chairman GM, have joined the company’s Board of Advisors.
“otonomo is at the forefront of the next phase of connected cars, enabling the most convenient and intelligent insights for car manufacturers, drivers and service providers to connect,” said Mary Chan, Former GM OnStar and Advisor for otonomo. “After witnessing the impressive momentum that otonomo has already generated, it’s evident that the company is helping the connected car industry to take a massive leap forward, and I am delighted to be a part of the team and their future ventures.”
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, the company disrupts the connected/autonomous car industry, allowing the integration of new services and a new market and revenues chain around the car ecosystem.
Bessemer Venture Partners is a $4B venture capital firm that funds consumer, enterprise and healthcare startups around the world, from seed stage to growth. BVP funded the early stages of Blue Apron, Pinterest, Skype, Twitch and Periscope and helped build 117 IPOs including Twilio, Yelp, LinkedIn, Shopify and Wix. Follow us @BessemerVP.
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