[Funding Alert] Sibros Raises $12 Mn In Series A Round Led By Nexus Venture Partners
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Deep Connected Vehicle platform company - Sibros on Monday announced that it has closed $12 million in Series A funding, bringing 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 fresh capital will also be used to expand its teams and presence in India specifically in Pune and Bangalore. Sibros is currently working with India's foremost automotive Original Equipment Manufacturer (OEM) leaders.
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 programmatic scale.
Commenting on the electronic component and software-related recalls that OEMs witnessed in 2019, Hemant Sikaria, chief executive officer, Sibros, said, “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.”
In the last year, 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.
“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.