TEL AVIV, April 30 (Reuters) - Israel’s automotive data services firm Otonomo said on Thursday it raised $46 million, bringing its total funding to date to $82 million.
The round includes investments from SK Holdings, Avis Budget Group and Alliance Ventures as well as from existing investors such as Bessemer Venture Partners.
SBD Automotive forecasts that connected cars will account for more than 70% of cars sold in North America and Europe in 2020. To meet increased demand, Otonomo said it will use the new funds to expand its business, with research and development and customer support resources needed. The company also plans to expand into additional geographies.
Otonomo has developed a marketplace with data from over 20 million vehicles. Companies can use the data to develop apps and services for fleets, smart cities and individual consumers.
The company is partnering with more than 25 automotive manufacturers, fleets, and farm and construction equipment makers. Partners include Daimler, BMW, Mitsubishi Motor Co and Avis Budget Group.
It has a network of over 100 retailers, insurers and others who will pay for the data and provide revenue-generating services such as parking apps, on-demand fuelling and traffic and mapping. (Reporting by Tova Cohen Editing by Steven Scheer)
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