15 October 2019 - 17 Tishri 5780 - י"ז תשרי ה' אלפים תש"פ
Otonomo raising more funds from Asia E-mail

Israeli connected car company Otonomo is in the midst of its Series C financing round, according to Globes newswires. Sources close to the company said that it had already raised tens of millions of dollars, and that the round was likely to reach US$50-100 million this month.

Otonomo, founded by entrepreneur and CEO Ben Volkow, raised a total of US$43 million in its seed, A and B financing rounds.

South Korean group SK is leading the current round with a US$10 million investment. SK, the third-largest conglomerate in South Korea, has US$83.5 billion in annual revenue and 93,000 employees. Other undisclosed new investors are also investing in Otonomo, plus existing investors, such as Bessemer Venture Partners, StageOne Ventures, Maniv Mobility, Dell’s investment fund, international components supplier Delphi Partners and Japanese telecom giant NTT DoCoMo.

Figures published in the South Korean media, based on reports by SK, give Otonomo a value of US$370 million.

Ontonomo has developed a cloud platform for autonomous vehicles that gathers information from vehicles on the roads, compiles it, processes it on the cloud, and commercialises it.

The information includes details about how the driver drives, his/her location in the vehicle, the physical state and maintenance of vehicles, the level of air pressure in the tyres, and even the type of media the driver and passengers in the car consume.

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