Israeli automotive data services provider Otonomo has raised $46 million in Series C funding round from a group of investors including South Korean company SK Holdings, according to an announcement.
Other investors participating in this round included 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 to date.
In 2017, Otonomo raised $25 million Series B funding round, provided by strategic investors and led by leading automotive supplier Delphi.
Otonomo said that it will use the fresh fund to further scale its business, with R&D and the full-service customer support resources needed to facilitate OEM (original equipment manufacturer) onboarding and data access by partners.
The company also plans to expand into other countries besides its current presence in the US, Europe, and Japan.
Founded by serial entrepreneur Ben Volkow, Otonomo has developed a car data services platform that can be used to develop a host of apps and services for fleets, smart cities and individual consumers.
The company claims that it 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. Its publicly announced partners include Daimler, BMW, Mitsubishi Motor Company and Avis Budget Group.
“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.
Avis Budget Group, Inc. is a global provider of mobility solutions, both through its Avis and Budget brands, which have more than 11,000 rental locations in approximately 180 countries around the world and through its Zipcar brand, which is the world’s leading car-sharing network, with more than one million members.
Alliance Ventures, launched in 2018, is the strategic venture capital fund that invests in technology startups for Groupe Renault, Nissan Motor Company and Mitsubishi Motors.