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Report: Israeli startup Otonomo eyeing merger with SPAC

Report: Israeli startup Otonomo eyeing merger with SPAC

U.S.-based Software Acquisition Group, Inc. II raised $172.5 million in a Nasdaq IPO

Meir Orbach | 12:53  31.01.2021

UPDATE (Feb 01 2021):

Otonomo to raise $280 million at $1.4 billion valuation via SPAC

Israeli software company Otonomo Technologies Ltd., which has developed a platform for managing automotive data, is in the process of merging with special purpose acquisition company (SPAC) Software Acquisition Group, Inc. II after the latter raised $172.5 million in a Nasdaq IPO last September and announced its plans to merge with a software company, according to a Bloomberg report. The deal is expected to be finalized sometime this week.

Otonomo was founded by the Israeli entrepreneur Ben Volkow, who serves as CEO, along with Avner Cohen who isn’t active in the company, and raised $82 million so far. In its last fundraising round in April, it was estimated to be valued at $465 million.

Otonomo CEO Ben Volkow. Photo: Otonomo Otonomo CEO Ben Volkow. Photo: Otonomo Otonomo CEO Ben Volkow. Photo: Otonomo

Some of the company’s investors include Avis Car Rental, Maniv Mobility, Renault, as well as Stageone Ventures, SK Holdings, and Bessemer Venture Partners.

Last April, the company reported that it has direct contracts with seven different automakers where it processes over 2.6 billion data figures from over 20 million vehicles, and provides this data to thousands of different businesses. Otonomo collaborates with over 25 different car companies and car fleets. It has publicly announced that some of its partners include Daimler, BMW, Mitsubishi, and the Budget Avis Group.
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