Otonomo, and Its Functions
Now new vehicles can generate a treasure trove of information, and without proper tools, the information will be undisturbed and making it valueless.
A few companies have jumped up to assist the automakers in managing and using the information generated from interconnected cars. Otonomo, an Israeli startup firm, is one of such players that sprung up on the scenario in 2015 with a cloud-based software platform. This cloud-based software platform captures vehicle information so that it can be used to develop apps to provide essential services like electric vehicle management, parking, mapping, insurance, fueling, as well as emergency service.
This week, the startup declared that it had raised approximately $46 million to take the informative automotive platform further. The capital was raised in Series C funding round in which investors like SK Holdings, Alliance Ventures, and Avis Budget Group, Bessemer Venture, participated.
The Use of the Funds
The funds will be spent to assist the Otonomo scale its business, in improving the products and help the firm to stay competitive. Also, the company is aiming to develop its market, and it is seeking to expand the market to Japan and South Korea.
The CEO and founder of the company, Ben Volkow, explained in a statement that they had the expanded resources that were needed to deliver on their vision of creating car information as important as possible for the whole transportation ecosystem while sticking to the most restricted privacy as well as security standards.
The concentration of the Otonomon is to create chances to monetize the connected vehicle’s information by keeping it secured from the moment it is grabbed. Once the information is collected securely, the platform adjusts it so that the companies can utilize it to develop its apps and services for the vehicles, smart cities as well as for an individual customer.