Aurora Labs, which was launched in 2016 by Zohar Fox (CEO) and Ori Lederman (COO), announced today that it has secured $63 million through a Series C financing round headed by Moore Strategic Ventures (“MSV”). Existing investors Porsche Automobil Holding SE (“Porsche SE”) and Colmobil Corp, Israel’s largest automobile importer, also participated in the round. Colmobil Corporation is headed by the Harlap family, early investors in Mobileye, SolarEdge, and Via, among others. This round takes the total amount invested in Aurora Labs to almost $100 million. Aurora Labs has 90 patents and 15 customer projects around the world.
The Artificial Intelligence-based Vehicle Software Intelligence developed by Aurora Labs has revolutionized how automotive firms, Tier-1 suppliers, semiconductor vendors, and corporations build, certify, and diagnose software, as well as implement over-the-air upgrades. The company’s products are utilized by global automobile and device makers to continuously collect actionable data and gain a comprehensive understanding of line-of-code software behavior. This degree of comprehension aids software development teams in streamlining the processes of development, testing, integration, WP.29 compliance, ongoing certification, and on-road, zero-downtime, over-the-air (OTA) upgrading. The method also keeps software safe and secure against bugs and cyberattacks, while allowing manufacturers to continuously add new features and functionalities, extending the device’s life and boosting user experiences.
As more lines of code from a rising number of entities — Tier 1s, open-source, and manufacturers — make the software-defined car a reality, insight into automotive software behavior is vital. Aurora Labs’ AI-based Vehicle Software Intelligence provides significant economic benefits to the auto industry with a clear cost-effective value proposition, saving up to 98 percent of hardware and data transmission costs for software updates and up to 30 percent in software engineering hours, saving manufacturers billions of dollars on bill of materials and data communications costs and enabling recurring revenues.
James McIntyre, Senior Managing Director and Chief Operating Officer of MSV, asserts that “Safe, quick, and reliable over-the-air update capability is fast becoming a minimum requirement to effectively compete in the increasingly software-focused auto landscape,” says James McIntyre, Senior Managing Director and COO of MSV. “Aurora Labs provides OEMs with the tools they need to compete at the highest level, offering their customers a far better user experience than they are capable of delivering today.”
“We are doubling down on our investment in Aurora Labs because of the importance of its AI-based technology to the automotive sector. The software provides developers and automotive OEMs with actionable insights from the development phase throughout the lifecycle of the car. We are convinced that the use of this technology provides significant benefits to OEMs and customers alike and will be a key enabler for software-defined and connected vehicles,” said Lutz Meschke, board member at Porsche SE responsible for investment management.
“The continued commitment from Porsche SE and the investment from Moore Strategic Ventures and Colmobil Corp, all of which have proven success records of investing in the automotive sector, is evidence of the commercial traction we have in Europe and Asia. The amount of software being developed for, and deployed in, the vehicle is astronomical. For the industry to move forward and realize software-defined vehicles – sophisticated AI solutions are needed to enable Continuous Everything – Continuous Integration, Deployment (CI/CD), Testing, Certification and Updates. Aurora Labs’ solutions will save automotive companies time and money and will ultimately save lives as vehicles become electric and more autonomous,” according to Zohar Fox, Aurora Labs’ chief executive officer.