Sibros closes $12 mn Series A funding for its connected vehicle platform1 min read . Updated: 20 Jul 2020, 06:58 PM IST
- Till date, the firm has raised over $15 million in funding
Bengaluru: Connected vehicles platform Sibros has raised $12 million in a Series A funding led by Nexus Venture Partners with participation from Moneta Ventures and Twin Ventures.
The Pune- and San Jose-based startup plans to use the funding to expand its product offerings, customer engagement, and core teams in Silicon Valley and in other locations it operates in. Till date, the firm has raised over $15 million in funding.
Led by a team of former Tesla, Faraday and Uber engineers, the Sibros platform helps manage a connected vehicle’s software inventory and configurations. It allows vehicle owners to orchestrate full in-vehicle firmware updates as well as deep data collection from every sensor and component for advanced analytics.
The data can be utilized by automakers for delivering new connected apps to vehicles owners, and also helps address firmware defects to issue critical updates over-the-air (OTA) using the Internet.
Other features include the ability to send OTA updates to electrical vehicle components, update vehicle configurations, improve diagnostics and perform predictive failure detection. Apart from vehicle-related features, Sibros, offers connected services such as telematic insurance, driver personalization or in-vehicle payment for goods and services for food, parking, and tolling.
As automakers cope with rising costs and falling consumer demand, they are forced to innovate new business models while keeping a check on costs. Hemant Sikaria, chief executive of Sibros said that OEMs will have to start developing new features and functionalities as the market for connected cars have been expanding.
“The acceleration of the software-defined vehicle has thrown automakers into a chaotic new maze of software and data management complexity. 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," added Sikaria in a statement.
“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," added Abhishek Sharma, Principal at Nexus Venture Partners in a statement.