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© alphaspirit dreamstime.com Business | September 23, 2020

Aurora Labs attracts $23 million in series B funding round

Aurora Labs has secured USD 23 million in Series B funding from several automotive manufacturers, electronics and technology corporations and venture capitalists.

The round was jointly led by LG Technology Ventures, the investment arm of the LG Group, and Marius Nacht, co-founder of Check Point Software Technologies. Porsche SE, Audi, Porsche, Skoda and SEAT among its brands, Toyota Tsusho, UL Ventures, the investment arm of UL. The USD 23 million is in addition to the USD 11.1 million in funding raised previously from investors including Fraser McCombs Capital and MizMaa Ventures. This announcement is a follow-up to a recent Porsche SE announcement that noted their investment of USD 2.5 million in Aurora Labs and that Aurora Labs’ technology is entering serial implementation within the next two years. Aurora Labs solution aims to reinvent how automotive companies, Tier-1s, silicon vendors and enterprises conduct remote software management, remote diagnostics and over-the-air software updates. The company’s solutions, which have been granted dozens of patents, are being used by global automotive manufacturers covering a third of global car production, and device manufacturers to continuously collect actionable data and obtain a deep understanding of line-of-code software behavior. “This cross-industry commitment from investors is evidence of the need to continuously improve the quality of software, keep it safe, secure and updated in all devices, with particular emphasis on vehicles as the car becomes electrified and connected and the amount of vehicle software grows exponentially,” says Zohar Fox, Aurora Labs’ Co-founder and CEO, in a press release. “As auto manufacturers plan for the new regulations in the UNECE WP.29 document and all manufacturers prioritize software in their product development, Aurora Labs becomes a strategic partner helping manufacturers differentiate and update their vehicles and devices and create recurring revenue streams, going beyond what Tesla has already demonstrated.”
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October 20 2020 7:22 pm V18.11.10-1