The automotive technology startup Aurora Labs has raised $63 million through a Series C funding round, bringing the company’s total funding to around $100m. The round was led by Moore Strategic Ventures (MSV), and also saw participation from Porsche Automobil Holding SE, and Colmobil Group.The company’s product, which it refers to as “AI-based Vehicle Software Intelligence,” enables manufacturers of electric, hybrid and traditional combustion vehicles to more efficiently manage software costs and the resources required to develop, manage and update new vehicle features, software, and mobility services.
The solution also keeps vehicle software safe and secure from faults and cybersecurity attacks, while allowing manufacturers to continuously add new features and functions.
“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,” said James McIntyre, senior managing director and COO of MSV. “Aurora Labs provides [Original Equipment Manufacturers] with the tools they need to [...] offer their customers a far better user experience than they are capable of delivering today.”
“The continued commitment from Porsche SE and the investment from [MSV] 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,” said Aurora Labs CEO and co-founder Zohar Fox.
“The amount of software being developed for - and deployed in - [modern vehicles] is astronomical. For the industry to move forward and realize software-defined vehicles, sophisticated AI solutions are needed,” he said. “Aurora Labs’ solutions will save automotive companies time and money and will ultimately save lives as vehicles become electric and more autonomous.”
The trend toward electric vehicles (EVs) has been steady, as climate concerns and climbing fuel prices have made the internal combustion engines an increasingly less attractive option. As such, companies have taken more and more interest in overcoming one of the EV’s largest hurdles: charging availability.
According to Guidehouse Insights, EV charging demand is estimated to exceed $207 billion by 2030. To that end, fuel cell manufacturer GenCell and EV importer E.V. Motors have begun deploying a series of autonomous hybrid off-grid EVcharging stations, which could significantly advance the practicality of EVs to consumers concerned about driving range.
“The rapidly increasing volume of electric vehicles is putting pressure on the electricity grid to supply power in the quantity required and in every location where the vehicles travel,” said GenCell CEO Rami Reshef.
“By supplementing the grid with autonomous off-grid EV charging stations powered by hydrogen and ammonia, we can reduce this pressure and alleviate the concerns of EV drivers who are afraid that their travel will be limited by insufficient availability of charging stations.”