SAN JOSE, Calif., Jan. 25 (Korea Bizwire) — Connected vehicle platform company Sibros today announced its $70 million Series B funding round led by Energy Impact Partners (EIP) with participation from Fontinalis Partners, Google (NASDAQ: GOOG), Iron Pillar, Qualcomm Ventures and existing investors Nexus Venture Partners and Moneta Ventures. The funding will be used to fuel the company’s expansion to meet strong global demand and deliver large customer deployments of its vertically integrated connected vehicle platform.
As automakers have shifted to a new software-defined vehicle paradigm, they must deliver fully connected products at rapid scale across a complex ecosystem of suppliers, software, and data dependencies. This complexity is further increased with the numerous safety and security requirements that must be met along the way. Keeping connected vehicles continuously updated while collecting relevant data to improve product functionality are challenging priorities with today’s siloed approach to automotive software, often supported by custom development and manual work.
Sibros gives automakers a single source of truth and visibility into all software and data for globally connected fleets while automating workflows for full vehicle over-the-air software updates, data collection and remote diagnostics in an industry compliant manner. By connecting software and data seamlessly from edge-to-cloud in one vertically integrated system, Sibros helps automakers accelerate time-to-market, reduce code defects and enable hundreds of connected vehicle use cases at global scale.
“Today is an incredible milestone for Sibros as we welcome some of the most influential names invested in the future of clean energy, cloud and autotech who join our mission of powering the connected vehicle ecosystem with a vertically integrated solution,” stated Hemant Sikaria, CEO and co-founder of Sibros. “The past two years have been a period of extreme growth at Sibros as we track towards being deployed on many millions of vehicles and we’re thrilled to have the support of investors who believe in our team and understand the problem we are solving.”
“Sibros sits in the center of the connected and electrified vehicle future with its impressive team and disruptive product that makes automotive software and data work better together,” said Shawn Cherian, Partner at EIP, who joins the Sibros Board of Directors. “Our investment in Sibros aligns with our pursuit of partnering with companies that solve unique challenges at the intersection of mobility and electrification.”
Connected vehicle technologies have been on the rise over the past decade yet remain fragmented, requiring engineering and professional services to integrate and support, working on limited sets of vehicle architectures. Unlike these legacy solutions, Sibros’ solution runs on any vehicle architecture, connecting all chips and sensors to the cloud for holistic software management and rich data insights with adherence to key functional safety, cybersecurity and data privacy requirements. This flexible, compliant and vertically-integrated approach helps OEM customers realize value in weeks to quickly deploy deep connected capabilities across their end-to-end brand portfolios.
Customers using Sibros include a fast-growing list of the world’s most established makers of cars, trucks, buses, 2-wheelers and tractors, as well as disruptive new EV startups in the solar and commercial space. For more information or to get started with Sibros, visit www.sibros.com.
Sibros powers the connected vehicle ecosystem with its Deep Connected Platform™ for full vehicle OTA software updates, data collection, and diagnostics in one vertically integrated system. DCP supports any vehicle architecture – from ICE, Hybrid, EV to Fuel Cell – while also meeting rigorous safety, security, and compliance standards. By combining powerful automotive software and data management tools in one platform, Sibros empowers OEMs to realize hundreds of connected vehicle use cases spanning fleet management, predictive maintenance, data monetization, paid feature upgrades, and beyond. For more information about the Silicon Valley-based company, visit www.sibros.com.
About Energy Impact Partners
Energy Impact Partners, LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $2.0 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of nearly 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
Sibros Technologies, Inc.
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Source: Sibros via GLOBE NEWSWIRE