Otonomo, the Israel-based developer of an automotive data services platform, has picked up $46m in a series C round that included conglomerate SK Holdings and car rental service Avis Budget Group.
The round also featured Alliance Ventures, the venture capital vehicle for the automotive manufacturing partnership Renault–Nissan–Mitsubishi Alliance, in addition to existing investors, of which only venture capital firm Bessemer Venture Partners (BVP) was named.
Founded in 2015, Otonomo has built a cloud-based software platform that collects data from connected vehicles to facilitate functionality such as predictive maintenance, the alerting of emergency services, usage-based insurance policies and mapping.
The company partners original equipment manufacturers (OEMs), fleet operators and service providers, and will use the series C cash to scale its business, with a particular focus on research and development, onboarding more OEMs and improving data access for its partners.
The funding will also support international expansion efforts into new markets, though Otonomo did not identify which regions it is targeting.
Christian Noske, managing director of Alliance Ventures, said: “At Alliance we are focused on innovation in data and connected car services.
“We researched many companies and determined that Otonomo is the automotive data services platform leader with the best vision, technology, team and market adoption. We are excited about the company’s traction and great potential.”
Otonomo said it has has now raised $82m in equity financing to date, though its previous statements add up to $86m. NTT Docomo Ventures, the corporate venture capital unit of mobile network operator NTT Docomo, invested $3m in the company in February 2018.
Automotive parts supplier Delphi Automotive led a $25m series B round for Otonomo in 2017 that included BVP, Maniv Mobility and StageOne Ventures. It had raised $12m in a series A led by BVP and backed by StageOne Ventures, Maniv Mobility and LocalGlobe the year before.
