Second funds raising to accelerate international growth
January 2020 | Funds Raising
After its partnership with the Renault Group, Breega is now a shareholder.
Two years after an initial fund raising operation of 1.2 million euros with Sagemcom, the European leading actor in the communicating terminals market, Otodo, announces a second operation worth 3 million euros by the arrival of the Breega investment fund into its capital.
The operation, carried out with the support of Bpifrance and Banque Populaire, will allow Otodo to significantly accelerate the development and deployment of its connected solution with telecom operators and service providers.
Since 2016, Otodo has been developing a technological solution that enables remote control of a wide variety of connected objects and home equipment, establishing the company as the interoperability platform between smart home systems for many industrial players.
“While the home connectivity market is experiencing significant growth, driven in particular by the deployment of voice assistants in the United States and all around the world, this operation is a concrete demonstration of Otodo's dynamic development and the interest shown by investors in the world of smart homes. It will enable us, among other things, to accelerate our international development,”Eric Denoyer, Otodo's President
During CES 2020, Otodo also previewed a partnership with the Group Renault to develop a new connectivity solution between cars and homes. This innovative service will enable the execution of instructions triggered directly from the car and will ultimately be intended for owners of Renault production vehicles equipped with the Easy Link system (Zoe, Clio, Captur).
“The massive adoption of smart-home services in the United States and now in Europe is the proof of to the usefulness and relevance of Otodo's turnkey solution, which applies to mobile applications as well as to the dashboards of tomorrow’s cars. Breega is very happy to support Otodo in its growth and to back them as they set out to win international markets,”François Paulus, Founding Partner of Breega.