SAN JOSE, Calif., July 20, 2020 /PRNewswire/ -- Deep Connected Vehicle platform company Sibros, announced today it has closed $12 million in Series A funding, bringing its total capital raised to over $15 million. The round was led by Nexus Venture Partners with participation from Moneta Ventures and Twin Ventures. The funds will be used to expand Sibros' product offerings, customer engagement and core teams in Silicon Valley and beyond.
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, 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 cope with rising costs and falling consumer demand, they must innovate new business models while controlling easily preventable costs. In 2019, OEMs experienced a record-setting number of electronic component and software related recalls that impacted 15.1 million vehicles for the US market alone, up 30% year-over-year, signaling a growing challenge for automakers in years to come with the rise of electric and autonomous vehicles.
"The acceleration of the software-defined vehicle has thrown automakers into a chaotic new maze of software and data management complexity," said Hemant Sikaria, CEO of Sibros. "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."
The backbone of the Sibros platform is its Secured Deployment Manager for performing customizable software campaigns, fleet management and systematic software/firmware rollouts via an all-in-one User Interface. 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 such as usage-based insurance, driver personalization or in-vehicle payment for goods and services for food, parking and tolling.
"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," said Abhishek Sharma, Principal at Nexus Venture Partners. "We are thrilled to support this highly experienced team doing important work to support the future of mobility."
Led by a team of former Tesla, Faraday and Uber engineers, Sibros' mission is to connect and manage the software and data for every vehicle throughout the entire lifecycle, from R&D to end-of-life. The company's Deep Connected Vehicle platform enables advanced OTA software updates and vehicle data collection for every ECU, software inventory management, preventive maintenance and more from a single solution. Sibros empowers OEMs to remedy non-trivial software and hardware defects, control warranty reserve costs and monetize new connected vehicle apps and services. For more information on the Silicon Valley-based company, visit www.sibros.tech.
About Nexus Venture Partners
Nexus Venture Partners is a leading early-stage venture capital firm partnering with extraordinary entrepreneurs building product-first companies. With $1.5B under management, Nexus operates as one team across the US and India. The Nexus family includes Aryaka, Biz2Credit, Cloud.com, Clover Health, Delhivery, Druva, Gluster, H2O.ai, Hasura, Headspin, Kaltura, Mezi, Observe.ai, OLX, Paysense, Postman, Pubmatic, Rancher, Snapdeal, Unacademy, Whitehatjr, and Zomato. For more information, visit www.nexusvp.com.
Sibros Technologies, Inc.