Mithaq Capital, family office for the Al Rajhi family, has increased its stake in Israel’s Otonomo Technologies to 20.41 percent – making it the biggest shareholder of the mobility intelligence firm.
Traded on Nasdaq in New York, Otonomo Technologies provides a platform for data gathered from connected cars.
“We like the innovation and the technology culture that Israel has, and we try to find ways to benefit from that,” Mithaq’s managing director Muhammad Asif Seemab said, as reported by Bloomberg.
The move allows Mithaq to discuss strategy, governance, and business with the Israeli firm’s representatives. The Saudi family office said it may increase or reduce its stake in Otonomo, but has no plans to raise its holding above 25 percent, a regulatory filing showed.
Founded in the Cayman Islands but headquartered in Riyadh, Mithaq is already the largest shareholder of another Israeli company called Tremer International.
