- Deep connected vehicle platform company Sibros announced that it has raised $12 million in Series A funding
Deep connected vehicle platform company Sibros announced that it has raised $12 million in Series A funding. Including this round of funding, the company has raised over $15 million in funding total.
This round of funding was led by Nexus Venture Partners with participation from Moneta Ventures and Twin Ventures. And the funding will be used to expand Sibros’ product offerings, customer engagement, and core teams in Silicon Valley and beyond.
And the Sibros platform connects and manages all vehicle software inventory and configurations to orchestrate full in-vehicle firmware updates as well as deep data collection from every sensor and component for advanced analytics. This deep vehicle-to-cloud approach enables automakers to use one system for all use cases ranging from delivering new connected apps and services to addressing software/firmware defects and critical updates — entirely over-the-air (OTA) and at scale.
As automakers are coping with rising costs and falling consumer demand, they must innovate new business models while controlling easily preventable costs. Last year, OEMs experienced a record-setting number of electronic component and software-related recalls that had impacted 15.1 million vehicles for the US market alone — up 30% year-over-year. This signaled a growing challenge for automakers in years to come with the rise of electric and autonomous vehicles.
Sibros’ Secured Deployment Manager is able to perform customizable software campaigns, fleet management, and systematic software/firmware rollouts via an all-in-one User Interface. And features include the ability to send OTA calibrations to electrical components, update vehicle configurations, improve diagnostics, and perform predictive failure detection as well as enabling new connected services like usage-based insurance, driver personalization, or in-vehicle payment for goods and services for food, parking, and tolling.
KEY QUOTES:
“The acceleration of the software-defined vehicle has thrown automakers into a chaotic new maze of software and data management complexity. In order to stay ahead and enable new functionalities, OEMs must adopt a software-first approach throughout the entire vehicle lifecycle. Sibros is privileged to have the trust of our customers to help drive this charge.”
— Hemant Sikaria, CEO of Sibros
“Sibros has grown rapidly in a short time by building a unique software platform to help global automakers adapt to transportation mega-trends that are reshaping our global economy. We are thrilled to support this highly experienced team doing important work to support the future of mobility.”
— Abhishek Sharma, Principal at Nexus Venture Partners
