Israeli vehicle remote software management company Aurora Labs announced today that it has raised $23 million in a Series B financing round led by LG Technology Ventures and Marius Nacht and with the participation of Porsche SE, Toyota Tsusho, and UL Ventures. Existing investors also took part in the round, which was substantially oversubscribed.
Founded in 2016 by CEO Zohar Fox and COO Ori Lederman, the Tel Aviv-based company had previously raised $11.1 million from investors including Fraser McCombs Capital and MizMaa Ventures. This announcement is a follow-up to a recent Porsche SE announcement that it was investing $2.5 million in Aurora Labs and that Aurora Labs’ technology is entering serial implementation within the next two years
Aurora Labs provides carmakers, tier-1s, silicon vendors and enterprises with innovative conduct remote software management, remote diagnostics and over-the-air software updates. The company’s solutions, which have been granted dozens of patents, are being used by global automotive manufacturers covering a third of global car production, and device manufacturers to continuously collect actionable data and obtain a deep understanding of line-of-code software behavior. This enables devices to predict and fix software problems.
In addition to keeping software safe and secure from faults and cybersecurity attacks, Aurora Labs’ solutions allow manufacturers to continuously add new features and functions extending the life of the device and enhancing user experiences. All of this is accomplished with AI and machine learning technologies that will save manufacturers billions of dollars on their bill of materials and data communications costs and enable recurring revenue streams.
Fox said, "This cross-industry commitment from investors is evidence of the need to continuously improve the quality of software, keep it safe, secure and updated in all devices, with particular emphasis on vehicles as the car becomes electrified and connected and the amount of vehicle software grows exponentially. As auto manufacturers plan for the new regulations in the UNECE WP.29 document and all manufacturers prioritize software in their product development, Aurora Labs becomes a strategic partner helping manufacturers differentiate and update their vehicles and devices and create recurring revenue streams, going beyond what Tesla has already demonstrated."
Published by Globes, Israel business news - en.globes.co.il - on September 22, 2020
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