Otonomo, a startup company in Herzliya, Israel. It is well known when it comes to the subject of interconnected vehicles. The company collects information on driver and vehicle from automakers and original equipment manufacturers. It then makes the data collected available to organizations to use and learn more about the drivers or reach them with new products and services.
The company has raised $12 million in venture funding to scale its technology and business. The round was led by Bessemer Venture Partners and also joined by StageOne Ventures Maniv Mobility and LocalGlobe. Otonomo has announced that Steve Girksy, a former vice chairman of GM and Mary Chan, a former general manager of OnStar have joined its board of advisors. ATT&T Business Solutions previously run by Andy Geisse had been added to the board of directors as well. Otonomo is going to help bring in new products and services to automotive and adjacent industries like insurance, transportation and travel or even finance.
“A mayor’s office could study driver behavior at major city intersections to optimize signage or traffic lights for better safety. Companies like Starbucks, Dunkin’ Donuts or McDonald’s could deliver a coupon to drivers who have been on the road for a long while already, and whose vehicle is approaching one of their stores. And insurance adjusters could attain data directly from a vehicle, rather than waiting for a driver to self-report it, in the event of an accident in order to process claims faster.” says TechCrunch.
This makes it a lot easier for the companies to access data on drivers and vehicles for many different purposes. The new capital will be used by the company to hire product research and development, and to continue getting in touch with critical automakers and original equipment manufacturers said the CEO.
Automakers are more than willing to work with Otonomo because the company is helping them monetize data that they were shoring up, Otonomo is not competition to them like other firms may appear to be.