[Funding alert] Deep connected vehicles startup Sibros raises $12M led by Nexus Venture Partners
Deep connected vehicles platform Sibros on Monday said it has closed its Series A round of $12 million funding (about Rs 89.7 crore) round led by Nexus Venture Partners.
The current funding round, which brings the total capital raised by the startup to over $15 million, also saw participation from Moneta Ventures and Twin Ventures.
According to the Pune and San Jose-based startup, the funds will be used to expand its product offerings, customer engagement, and core teams in Silicon Valley and beyond.
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.
According to the startup, Sibros is working with OEMs (original equipment manufacturers) in India, and plans to use the capital to expand its team and presence in the country, especially in Pune and Bengaluru. It has offices in San Jose, Sacramento, California, as well as in Pune.
Speaking about the funding, Sibros CEO Hemant Sikaria 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."
Led by a team of former Tesla, Faraday, and Uber engineers, Sibros empowers OEMs to remedy non-trivial software and hardware defects, control warranty reserve costs, and monetise new connected vehicle apps and services.
“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,” Abhishek Sharma, Principal at Nexus Venture Partners, said.
(Disclaimer: Additional background information has been added to this PTI copy for context)