Otonomo, which monitors the data created by connected cars and aims to make it available by anonymizing, announced that it has received a $ 46 million Serial C investment.
Nowadays, almost all of the new generation vehicles can be connected to the internet. This connected cars technology offers incredible blessings. The data that the possible areas of use will not end with counting are treasures. However, the aim is to find a tool that will process and make sense of this data. Otonomo is such an initiative and it comes into play at this point.
Some of the vehicle manufacturers are already able to track their vehicles connected to the internet. Otonomo, a cloud-based employee who enters this field independently, comes out as a software that captures vehicle data and of course anonymizes it. The reason for this anonymization is, of course, full compliance with regulations and privacy rights, the platform remains true to GDPR, CCPA and similar regulations.
Otonomo collects 2.6 billion data a day from more than 20 million vehicles. In addition to car and fleet rental companies, Otonomo is critical to smart cities and traffic management. In short, the system can predict which vehicles are in which direction and how to travel. Densely populated areas can be identified. In fact, a scenario where a smart city dominates all vehicles can incredibly lighten the traffic load with the city’s traffic lights optimized accordingly. Although it may sound a bit utopian, something like this can happen in a world where all cars are connected to the internet.
Otonomo, with its headquarters in Israel, also has offices in California and Frankfurt. Currently, the initiative, including Daimler, BMW, Mitsubishi and Avis – Budget Group, has more than 25 collaborations. In addition, the company says seven new customers will join these partnerships, even though it has not yet named. Otonomo shares stronger collaborations and shares the estimate that 70 percent of vehicles sold in North America and Europe will be in the affiliated vehicles category by 2020. This means that in the near future, a significant number of internet-connected cars will travel in traffic. Considering that there are many fields that this data can use, we can say that Otonomo is a very bright enterprise for the future.
Let us also mention that there is SK Holdings, Avis – Budget Group and Alliance Ventures in the Series C investment. In addition, current investor Bessemer Venture Partners has taken its place again in the Series C investment. The total investment Otonomo has received to date is 82 million dollars.
With the incoming investment, Otonomo wants to achieve business growth goals. In addition, this new tour, which will be spent on the development of products, will also serve an expansion. Otonomo does not hide its desire to open up to the South Korean and Japanese market. The presence of South Korean SK Holdings in the last Series C investment is already an indication that this will happen.