Connected car platform otonomo has raised a Series A round of $12 million from Bessemer Venture Partners and Stageone Ventures with participation from Maniv Mobility and LocalGlobe.
The Israeli firm’s cloud platform connects data from cars to enhance the ecosystem of connected cars as well as a marketplace for applications. The new funds will be used to scale its product and audience. Otonomo is currently trialling its technology with car manufacturers and service providers, including Daimler.
Per figures from Gartner, there will be a quarter billion connected vehicles on our roads by 2020.
“ order for cars to provide the best connected service for drivers, car manufacturers need a platform they trust to share and negotiate data between them and application providers while meeting different data and privacy regulations that respect and accommodate drivers’ privacy,” said otonomo CEO Ben Volkow.
The company has also added former CEO of AT&T Business Solution Andy Geisse to its board of directors and former OnStar general manager Mary Chan and former vice chairman of GM Steve Girsky to its board of advisors.
“After witnessing the impressive momentum that otonomo has already generated, it’s evident that the company is helping the connected car industry to take a massive leap forward, and I am delighted to be a part of the team and their future ventures,” added Chan.
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