Otonomo Technologies Ltd., an Israel-based startup that offers technology to monetize the data collected by cars, signed on Tuesday a commercial agreement with automotive giant Fiat Chrysler Automobiles (FCA) to increase the use of vehicle data. The company did not divulge the agreement’s details but it is estimated to be worth tens of millions of dollars.
"The contract with Fiat Chrysler joins eight other contracts
has with various car companies such as Daimler, BMW, Mitsubishi, Peugeot, and others. Otonomo has positioned itself as a global leader in vehicle information processing and sits at the strategic junction of data and mobility,” Otonom’s CEO Ben Volkow told Calcalist in an interview. "We are seeing strong momentum even in these days of the global health crisis and the auto industry crisis. Automotive companies want to raise revenue and compensate for the decline in vehicle sales. Making use of data and adding digital services are business that can be done successfully even during the global crisis."
Under the terms of the commercial agreement, Otonomo will receive de-identified, aggregated data from FCA connected vehicles in Europe to deliver new use cases such as advanced mapping, advanced traffic management and planning, and smart city applications to support the decrease of congestion and pollution in urban environments driven by Otonomo’s de- identified data. The collaboration has begun with data from selected models located across the European Union and is expected to expand as new makes and models embed connected technologies.
A key function performed by the Otonomo Platform is to offer to OEMs data de-identification and aggregation solutions with different levels of support. The Otonomo Blurring Engine employs a sophisticated combination of blurring techniques that may change depending on the intended use of car data. This increases the value of the data while protecting car owners' privacy.
"Otonomo enables the construction of a complete system of external services around vehicle data that provides added value to drivers and extra revenue for automakers," said Volkow. “Our agreeement with Fiat Chrysler Automobiles represents a big step forward and will create new value for all participants: service providers, individual drivers, municipalities, and society.”
In April, Otonomo raised
$46 million series C funding round participated in by SK Holdings, Avis Budget Group, and Alliance Ventures, and existing investors including Bessemer Venture Partners that brought the company’s total raised to date to $82 million.