Otonomo, the leading automotive data services platform, announced $46 million in series C funding. The round includes investments from SK Holdings, Avis Budget Group, and Alliance Ventures as well as participation from existing investors such as Bessemer Venture Partners. This round brings the company’s total funding raised to $82 million.
SBD Automotive forecasts that connected cars will account for more than 70% of cars sold in North American and European markets in 2020. Otonomo is currently onboarding seven new OEMs and ingesting over 2.6 billion data points a day. To accommodate this increased demand, Otonomo will use the funds from its Series C to further scale its business, with R&D and the full-service customer support resources needed to facilitate OEM onboarding and data access by partners. The company also plans to expand into additional geographies.
Founded by serial entrepreneur Ben Volkow, Otonomo has developed a car data services platform that securely ingests automotive OEM data, then reshapes, enriches and protects it so companies can use the data to develop a host of apps and services for fleets, smart cities and individual consumers. The platform has data from over 20 million vehicles, and the company is partnering with more than 25 automotive OEMs, fleets, and farm and construction equipment OEMs. Publicly announced partners include Daimler, BMW, Mitsubishi Motor Company and Avis Budget Group.
The Otonomo ecosystem includes more than 100 partners who provide a rich diversity of offerings, including emergency services, traffic and mapping, on-demand fueling, parking, predictive maintenance, usage-based insurance, media measurement, concierge services, and dozens of smart city services.
“At the Alliance we are focused on innovation in data and connected car services,” said Christian Noske, Managing Director of Alliance Ventures. “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.”
“Bessemer has invested in Ben Volkow in the past and has been with Otonomo since the seed round” said Amit Karp, Partner, Bessemer Venture Partners. “The company had the vision to create the automotive data services category and has since then built a leadership position in the market. We are pleased to have new value-add investors help Otonomo achieve its vision.”
“These Series C funds will enable Otonomo to expand our global footprint, further innovate our products, and cement our leadership position,” said Ben Volkow, CEO and founder, Otonomo. “We now have the expanded resources needed to deliver on our vision of making car data as valuable as possible for the entire transportation ecosystem, while adhering to the strictest privacy and security standards.”