Connected car startup Otonomo raises $12m
A tech startup that helps connected car makers to monetise their data has raised $12m in Series A funding.
Otonomo, based in Israel, has added to its previous $3m funding round to develop its cloud-based SaaS platform, which worls to "disrupt the connected and autonomous car arenas" and monitor customer experience.
The company integrates servies, analytics and a new software layer based on open APIs and real time information into cars. The platform can work with any car manufacturer or third-party app developers.
Otonomo was founded by Ben Volkow and Avner Cohen in 2015, and its latest funding round which was led by Bessemer Venture Partners and StageOne Ventures should help to propel the business forward.
With Gartner predicting a quarter of a billion connected vehicles in use by 2020 and cars already becoming increasingly connected, the importance of in-car apps is and will become paramount.
"in order for cars to provide the best connected service for drivers, car manufacturers need a platform they trust to share and negotiate data betewen them and app providers, while meeting different data and privacy regulations," Volkow said.
It's been a good year for connected car-related investments, with companies like FiveAI and Drive Time Metrics closing funding rounds into the millions.