Israeli Startup Otonomo Raises $46M To Expand Its Global Footprint

Israeli automotive data services platform Otonomo announced Thursday a $46 million Series C funding round.

The round includes investments from SK Holdings, Avis Budget Group, and Alliance Ventures as well as participation from existing investors such as Bessemer Venture Partners.

This round brings the company’s total funding raised to $82 million.

Otonomo says it is currently onboarding seven new OEMs (original equipment manufacturers) and ingesting over 2.6 billion data points a day, according to a statement. To accommodate this increased demand, the company will use the funds from this Series C round to further scale its business, with R&D and the full-service customer support resources needed to facilitate OEM onboarding and data access by partners.  The company also plans to expand into additional geographies.

Founded by serial entrepreneur Ben Volkow in 2015, Otonomo has developed a car data services platform that securely takes in automotive OEM data, then reshapes, enriches and protects it so companies can use the data to develop a host of apps and services for fleets, smart cities and individual consumers.

“These Series C funds will enable Otonomo to expand our global footprint, further innovate our products, and cement our leadership position,” said Ben Volkow, CEO and founder, Otonomo. “We now have the expanded resources needed to deliver on our vision of making car data as valuable as possible for the entire transportation ecosystem, while adhering to the strictest privacy and security standards.” 

The platform has data from over 20 million vehicles, and the company is partnering with more than 25 automotive OEMs, fleets, and farm and construction equipment OEMs, the company says. Its publicly announced partners include Daimler, BMW, Mitsubishi Motor Company, and Avis Budget Group. The Otonomo ecosystem includes more than 100 partners.

“The company had the vision to create the automotive data services category and has since then built a leadership position in the market. We are pleased to have new value-add investors help Otonomo achieve its vision,” said Amit Karp, Partner of Bessemer Venture Partners.