Otonomo Technologies Ltd. is an Israeli startup that offers a one-stop shop for vehicle data. Software Acquisition Group Inc. is a publicly traded special purpose acquisition company, SPAC. The new combined company will hold its IPO today, Monday, and trade on the NASDAQ under the ticker symbols “OTMO” and “OTMOW,” respectively. The new company is expected to be worth $1.26 billion.
Otonomo has received approximately $255.1 million in gross proceeds comprised of approximately $112.6 million of cash held in trust following Software Acquisition Group’s public stockholder redemptions and $142.5 million from a private placement in public equity (PIPE), including investments from institutional investors Fidelity Management & Research Company LLC, BNP Paribas Asset Management Energy Transition Fund and Senvest Management LLC, with support from strategic investors Dell Technologies Capital and Hearst Ventures.
Otonomo’s management team, led by CEO and Founder Ben Volkow, will continue to lead Otonomo. Jonathan Huberman, CEO of Software Acquisition Group, joined the Board of Directors of Otonomo upon consummation of the business combination.
Headquartered in Herzeliya Pituach, Israel, Otonomo is a provider of what it describes as a pioneering vehicle data platform and marketplace. Otonomo says that they fuel an “ecosystem of automotive manufacturers, fleets and mobility service providers. Our vehicle data marketplace is a neutral intermediary between data providers and data consumers, providing secure, direct and equal data access to rich, harmonized vehicle data which in turn is accelerating innovation of valuable services for drivers, smart cities and the transportation sector as a whole. Daily, our platform securely ingests more than 4 billion data points from over 40 million connected vehicles from across the globe.”
The Otonomo platform furnishes automakers and mobility service providers the opportunity to create new revenue streams by enabling utilization of the vast amounts of data vehicles generate on a daily basis.
Otonomo has also developed a suite of SaaS offerings that provide data consumers with additional capabilities and vertically specific applications. Privacy by design and neutrality are at the core of Otonomo’s platform, which enables GDPR, CCPA, and other privacy-regulation-compliant solutions using both personal and aggregate data.
How can #OEMs obtain their drivers’ consent to share #data while keeping their privacy protected? Meet the Otonomo Consent Management Hub, a solution that offers the best of both worlds:https://t.co/GOhJ5Zq5gr#DataPrivacy #VehicleData #ConnectedCar pic.twitter.com/PvX6a0LGqt
— Otonomo (@otonomo_) August 16, 2021
Ben Volkow, Otonomo CEO said. “Today marks an important milestone in Otonomo’s journey to globalize the company and operate as a publicly traded company. Joining the public market with Software Acquisition Group is part of our commitment to transparency, growth and profitability. We look forward to adding investors to our stakeholder community and leveraging all available resources to enhance relations with our top tier clients.”
“Otonomo’s mission is to harness the immense potential of vehicle data and provide thousands of organizations across a broad range of markets the ability to seamlessly access, explore, analyze, and unlock the full power of vehicle data. The momentum of our business lays the groundwork to a significant growth opportunity. We will continue to positively impact the driving experience and create new opportunities for our data consumers across multiple markets and the entire transportation ecosystem.”