Ottopia, an Israeli startup that develops teleoperation software for the operation of autonomous fleets of vehicles, raised $14.5 million in its Series A funding round with participation from ComfortDelGro, AI Alliance Fund, and existing investors such as MizMaa Ventures, IN Venture, and Next Gear Ventures. The company said this was the biggest Series A for any teleoperation startup.
Hopefully the Ottopia raise is another sign that Israel Startup Nation will rebound from a dismal Q4 2022.
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Think about this: Nowadays we see everywhere things that just a few short years ago were the stuff of science fiction movies. Companies like Google are developing self-driving cars. Soon we will be seeing driverless trucks on the highways. And there will also be driverless buses and taxis.
Now, the downside is that many people will be out of work when drivers are no longer needed. But the advantages are numerous. Not the least of which is, as technology progresses, the computer operated vehicles will erase the possibility of human error and cut down on traffic accidents. And there will be a need for operations systems to run all of those fleets of automated truck and buses out on the streets and highways which is where companies like Ottopia come in.
Founded in 2018 by CEO Amit Rosenzweig, Ottopia is a software company that enables the commercial deployment of all autonomous vehicles (AVs). Using Ottopia’s software says the company, remote humans can solve any challenge that autonomy alone cannot.
With Ottopia’s technology, major OEMs and AV companies close the performance gap of AVs, cut R&D costs, provide flawless customer experience, and meet regulatory requirements for deployment. Ottopia boasts that its software is transforming multiple industries, including Transportation, Logistics, Last-mile delivery, Construction, Mining and Agriculture.
Ottopia stated that investors have a number of reasons to be excited about the company these days. It achieved “impressive revenue growth,” tripling from 2021 to 2022 and securing contracts for an expected 4x growth in 2023. The company’s product’s versatility, they say, has allowed them to horizontally integrate in multiple autonomous markets, therefore minimizing risk.
Ottopia also said that investors recognized its “market leadership via positive feedback from industry giants.” Also, their teleoperation software is legally required for the deployment of autonomous vehicles in an increasing number of countries, including the USA (certain states), China, Germany, and Japan.