ComfortDelGro invests US$4m in Israeli software company
Michelle Zhu
LAND transport operator ComfortDelGro committed a US$4 million investment in Ottopia, an Israeli company that develops teleoperation software for autonomous vehicles (AVs).
The investment will be made through the group’s US$100 million venture capital fund, and is the largest in Ottopia’s Series A funding round.
Tel Aviv-based Ottopia’s teleoperation technology is unique in its ability to remotely assist, guide and safely control fleets of AVs, said ComfortDelGro on Wednesday (Jan 11).
The group sees Ottopia’s software being integrated into its future AV operations centre – making it an “essential tool” that would enable the adoption of AV technology in smart urban mobility.
This latest investment comes as part of ComfortDelGro’s strategy to grow its business, it said, especially in the core land transport areas of smart urban mobility, fleet electrification and automotive engineering technologies.
The group also hopes to grow adjacent disciplines of these core land transport areas, including clean technology, artificial intelligence and cybersecurity.
Cheng Siak Kian, managing director and group chief executive of ComfortDelGro, hailed the investment in Ottopia as an important cornerstone of the group’s future-proofing plans.
“Having teleoperation capabilities which will enable us to intervene and operate an AV remotely whenever needed, is critical in our future operational plans,” he said.
Shares of the group ended Tuesday unchanged at S$1.23.
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