Otonomo, an Israeli startup that provides cloud-based platform enabling car manufacturers, drivers, services and application providers to be a part of a connected ecosystem, has announced a new $25 million Series B funding. The round was led by led automotive supplier Delphi Automotive, with participation from existing investors, including Bessemer Venture Partners, StageOne Ventures and Maniv Mobility.
According to the company, the new investment will be used to accelerate its global expansion plans into the US, Asia, and across Europe. The latest round of funding adds up Otonomo’s total amount raised so far to $40 million. In November last year, the startup closed a $12 million series A financing to further expand its offerings and scale its target audience for potential growth opportunities.
“With consumers now demanding more connectivity in their vehicles, we are committed to investing in cutting-edge technologies to leverage the value of this data for our customers. This collaboration agreement serves to strengthen our capabilities in data and software technologies, vital for the long-term growth within the automotive market,” said Glen De Vos, Senior Vice President and Chief Technology Officer, Delphi to VentureBeat.
Delphi Automotive has signed a commercial partnership agreement with Otonomo to bring the latter’s connected car marketplace to its OEM customers. Otonomo’s connected car marketplace will be integrated with Delphi products to offer a complete data acquisition and monetization solution for automakers.