Israeli automotive data startup Otonomo said Monday it would merge with a special-purpose acquisition company to go public at a valuation of $1.4 billion.
The deal with Software Acquisition Group Inc. II is expected to fetch Otonomo $307 million in cash, including a $172.5 million private investment from investors such as Fidelity Management & Research Co. and BNP Paribas Asset Management Energy.
The combined company would be listed on Nasdaq under the symbol "OTMO".
The startup sources data from more than 20 million vehicles, according to its website. Companies can use the data to develop apps and services for fleets, smart cities and individual consumers. Otonomo's partners include Daimler, Mitsubishi, BMW and Avis Budget Group.
Otonomo raised $46 million in a funding round in April last year. The funding included investments from Avis Budget Group, South Korean conglomerate SK Holdings, Alliance Ventures and Bessemer Venture Partners.
Otonomo was founded in 2015 by Ben Volkow, who serves as CEO.