HERZLIYA, Israel and HAYWARDS HEATH, United Kingdom and MILAN, Italy, March 17, 2022 (GLOBE NEWSWIRE) — Otonomo Applied sciences Ltd. (Nasdaq: OTMO), the mobility intelligence firm, and Henshin Group, the mobility and vitality tech firm that developed MOVENS, the open supply platform designed to be the IoT hub for Sensible Cities, and wefox, Europe’s largest digital insurer, at this time introduced the formation of a strategic relationship. The fast goal is to generate wealthy, actionable car knowledge units to drive innovation and create further worth for enterprises offering insurance coverage, rental and leasing providers to fleet car operators. wefox additionally introduced will probably be the primary to market with new insurance coverage merchandise powered by the joint platform.
Otonomo’s mobility intelligence platform powers the subsequent era of automotive, fleet, insurance coverage, transportation and mobility providers. Its cloud-native platform makes use of synthetic intelligence, sensor knowledge and behavioral sample mapping from greater than 50 million accessible linked automobiles and greater than 430 million accessible mobility finish units to supply the vital insights wanted to optimize car insurance coverage, emergency providers, mapping, visitors administration, EV administration, micromobility, predictive upkeep and dozens of good metropolis options.
MOVENS gives good metropolis planners with full turnkey options for various mobility modes, equivalent to shared mobility, public transportation and demand transport options, in addition to linked and mobility providers, whereas boosting the mixing between totally different mobility methods, the vitality group infrastructure and grid balancing.
The synergy between Otonomo’s mobility intelligence platform, MOVENS expertise and wefox’s Mobility HUB platform will broaden knowledge to create new enterprise use circumstances. Importantly, Otonomo’s mobility intelligence platform overcomes the present challenges limiting telematics-based insurance coverage applications. Otonomo mitigates at this time’s necessities for costly in-vehicle {hardware} and software program units and set up and the related overhead of managing deep and domain-specific information concerning knowledge safety and privateness tasks for telematics units and knowledge.
Initially, the collaboration will promote the event of latest fleet car insurance coverage market eventualities by wefox, equivalent to Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Pay-As-You-Go (PAYG). It’s also anticipated to foster the muse of a next-generation insurance coverage platform primarily based on cloud Edge AI architectures. This expertise helps guarantee knowledge may be collected and choices made offline even when automobiles are working in areas with poor or unreliable connectivity, fixing an issue with at this time’s cloud methods.
wefox strives to disrupt the fleet and vehicle insurance coverage trade by adopting the embedded expertise of assorted producers via the rising knowledge ecosystem.
By leveraging the mixed MOVENS–Otonomo providing, wefox’s path from linked automotive to linked automotive insurance coverage will grow to be a lot simpler and extra direct. The Berlin-based insurtech large will now not be depending on aftermarket units equivalent to black containers or OBD dongles. As a substitute, utilizing enhanced, real-time datasets from MOVENS and Otonomo, wefox can suggest more and more responsive presents, tailor-made to the true wants of its clients because the mobility market continues to evolve and mature. With this basis, wefox is paving the way in which to grow to be the hub of insurance coverage providers masking totally different areas in Sensible Cities.
Domenico Mangiacapra, CEO and co-founder of Henshin Group stated, “Otonomo has grow to be the trade’s go-to accomplice for car knowledge, and wefox is the most important Insurtech firm in Europe. We’re extraordinarily happy to have fashioned this partnership and to increase our worldwide accomplice ecosystem leveraging linked automobiles and mobility providers, giving our end-customers the facility to create new enterprise fashions primarily based on car knowledge.”
Ben Volkow, CEO and co-founder of Otonomo stated, “Our partnerships are certainly one of our key strengths and we’re happy so as to add MOVENS, a extremely profitable mobility providers firm, to our rising record of partnerships. As well as, we’re excited that wefox will instantly profit from our optimized car knowledge and look ahead to working with each corporations to usher within the subsequent period of insurtech innovation.”
Julian Teicke CEO and co-founder of wefox stated, “wefox is shifting the insurance coverage paradigm, going past ‘restore & exchange’ to ‘predict & stop.’ We’re utilizing the most recent AI and IoT expertise to stop 30% of the unhealthy issues that trigger folks loss or hurt. As a result of irrespective of how nicely your insurance coverage protects you, it’s at all times higher to stop the harm within the first place.”
About Otonomo
Otonomo fuels a knowledge ecosystem of OEMs, fleets, and greater than 100 service suppliers spanning the transportation, mobility and automotive industries. Our platform securely ingests greater than 4 billion knowledge factors per day globally from over 50 million automobiles licensed on the platform and large quantities of mobility demand knowledge from multimodal sources, then reshapes and enriches it, to speed up time to marketplace for new providers that enhance the mobility and transportation expertise. We offer deeper visibility and actionable insights to empower strategic data-driven choices – taking the guesswork out of mobility and transportation planning, deployment, and operations. Privateness by design and neutrality are on the core of our platform, which allows GDPR, CCPA, and different privacy-regulation-compliant options utilizing each private and combination knowledge. Use circumstances embody emergency providers, mapping, visitors administration, EV administration, subscription-based providers, micro-mobility, parking, predictive upkeep, insurance coverage, media, in-vehicle providers, and dozens of good metropolis options.
Extra data is on the market at otonomo.io.
Otonomo on Social Media
About Henshin and MOVENS
Henshin Group is an revolutionary software program firm belonging to the Veos Group, working within the vitality, setting and digital sectors. The corporate’s flagship product MOVENS is an open-source mobility meta-platform which is evolving to be the IoT Hub for Sensible Cities and setting a brand new customary within the Tech Mobility Market. The high-level abstraction structure allows integration of all layers concerned within the Sensible Metropolis ecosystem – bodily units, connectivity, providers – and implementation of a cutting-edge expertise for every layer. The microservices structure allows each simple integration of platforms offered by world gamers and the evaluation of enormous quantities of real-time knowledge primarily based on Synthetic Clever Applied sciences to ship actionable enterprise insights.
MOVENS is a cloud-agnostic IoT platform boosting the mixing with mobility methods, vitality infrastructure methods, residential & enterprise buildings.
MOVENS presently targets three verticals: the Mobility, Power, and Insurance coverage sectors.
The objective is an entire integration of assorted sorts of entities concerned in a Sensible Metropolis mission to extend wellbeing providers, to strengthen the societal values centered round folks and to contribute to a extra sustainable mobility society.
Extra data is on the market at https://www.movens.metropolis/
Henshin on Social Media
About wefox
wefox was based in 2015 by Julian Teicke, Fabian Wesemann, and Dario Fazlic. wefox is a full-stack digital insurance coverage firm pushed by a single goal: to make folks protected and forestall threat by reinventing insurance coverage at scale via expertise. wefox is the guardian firm of wefox Insurance coverage, which is the in-house regulated insurance coverage service.
For press inquiries, please contact:
Otonomo
Juliet McGinnis
Senior Director of Communications
Julietm@otonomo.io
Henshin Group
Claudia Damari
Exterior Relations
claudia.damari@henshingroup.com
wefox
John Shewell
Director of Communications – wefox HQ
john.shewell@wefox.com
Sallyanne Heywood
Communications Advisor
sheywood2010@gmail.com
For funding inquiries, please contact:
MS- IR for Otonomo
Miri Segal
msegal@ms-ir.com
Ahead Wanting Statements
This announcement incorporates sure forward-looking statements inside the that means of the federal securities legal guidelines, together with statements concerning the providers provided by Otonomo the anticipated technological functionality of Otonomo, the markets during which Otonomo operates and Otonomo’s projected future monetary and operational outcomes. These forward-looking statements typically are recognized by the phrases “imagine,” “mission,” “count on,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “alternative,” “plan,” “might,” “ought to,” “will,” “would,” “might be,” “will proceed,” “will possible consequence,” and related expressions. Ahead-looking statements are predictions, projections and different statements about future occasions which might be primarily based on present expectations and assumptions and, consequently, are topic to dangers and uncertainties. Many elements might trigger precise future occasions to vary materially from the forward-looking statements on this announcement, together with however not restricted to, the power to implement enterprise plans, forecasts, and different expectations, the power to establish and notice further alternatives, and potential adjustments and developments within the extremely aggressive knowledge market. The foregoing record of things shouldn’t be exhaustive. It is best to rigorously contemplate the foregoing elements and the opposite dangers and uncertainties described in Otonomo’s remaining prospectus filed with the SEC on November 3, 2021 and different paperwork filed by Otonomo once in a while with the SEC. These filings establish and handle different essential dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements converse solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and Otonomo assumes no obligation and doesn’t intend to replace or revise these forward-looking statements, whether or not because of new data, future occasions, or in any other case. Otonomo provides no assurance that it’ll obtain its expectations.
