Brand-new cars today can produce a gold mine of information. Without the appropriate tools, that data will sit undisturbed, rendering it useless
. A variety of companies have emerged to help car manufacturers manage and use information created from connected cars. Israeli startup Otonomo is one such player that got on the scene in 2015 with a cloud-based software application platform that anonymizes and catches vehicle data so it can then be utilized to develop apps to provide services such as electric car management, subscription-based fueling, parking, mapping, usage-based insurance coverage and emergency situation service.
The startup announced this week it has actually raised $46 million to take its automobile information platform even more. The capital was raised in a Series C funding round that consisted of financial investments from SK Holdings, Avis Spending Plan Group and Alliance Ventures. Existing financiers Bessemer Venture Partners likewise took part. Otonomo has actually raised $ 82 million, to date. The funds will be used to help Otonomo scale its service, enhance its products and assist it stay competitive, according to the business. Otonomo is also intending to expand into new markets, especially South Korea and Japan.
“We now have the broadened resources required to deliver on our vision of making automobile information as valuable as possible for the whole transportation ecosystem, while sticking to the strictest personal privacy and security standards,” Otonomo CEO and creator Ben Volkow said in a statement. Otonomo’s pitch concentrates on creating opportunities to monetize linked vehicle data while keeping it safe from the moment it is caught. As soon as the information is securely collected, the platform modifies it so companies can utilize it to establish apps and services for fleets, private customers and smart cities. The platform also enables GDPR, CCPA and other personal privacy regulation-compliant services utilizing both aggregate and personal information.
Today, Otonomo’s platform takes in 2.6 billion information points a day from more than 20 million lorries through partnerships with more than automakers, fleets and farm and building manufacturers. Otonomo has more than 25 collaborations, a list that includes Daimler, BMW, Mitsubishi Motor Business and Avis Spending Plan Group. The company stated it’s preparing to induce 7 more customers.
That chance for Otonomo is growing based upon forecasts, including one from SBD Automotive that anticipates linked automobiles will represent more than 70% of automobiles offered in North American and European markets in 2020.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.