POSTED APRIL 7, 2017
otonomo’s Cloud-Based Platform Bridges the Gap Between Car Manufacturers and New Services, Enabling A Seamless Data Exchange
Tel Aviv, Israel (April 07, 2017) otonomo, the first data exchange platform and marketplace for the automotive industry, announced today the closing of $25 million series B financing led by Delphi Automotive PLC, a leading global automotive supplier, with additional participation by new strategic investor Hearst Ventures, 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 have a long and successful track record of investing in emerging technologies around the globe, with a current emphasis on the transportation sector,” said Gil Canaani, General Manager of Hearst Ventures Israel. “It’s a dynamic space and we strongly believe in the technology and innovation that otonomo contributes, as well as their revolutionary approach to creating value around connected car data. They are a company to watch in a space that is truly erupting.”
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.
Delphi Automotive PLC is a high-technology company that integrates safer, greener and more connected solutions for automotive and transportation sectors. Headquartered in Gillingham, U.K., Delphi operates technical centers, manufacturing sites and customer support services in 46 countries. Visit delphi.com
About Hearst Ventures
Hearst Ventures makes strategic investments in companies operating at the intersection of media and technology. Starting with its investment in Netscape in 1995, Hearst Ventures has grown to become one of the most active and successful corporate venture funds. Hearst Ventures is global investment group with offices in NYC, London, Beijing and Tel-Aviv. Notable investments include Buzzfeed, Brightcove, E Ink, Pandora, Roku, Via and XM Satellite Radio. Hearst Ventures (www.hearstventures.com) is a unit of Hearst, one of the nation’s largest diversified media and information companies.
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