Deep Connected Vehicle platform company Sibros, announced that it has closed $12 million in Series A funding, bringing its 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.
TheSibros 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 scale.
As automakers cope with rising costs and falling consumer demand, they must innovate new business models while controlling easily preventable costs. In 2019, 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.
The backbone of the Sibros platform is its Secured Deployment Manager for performing customizable software campaigns, fleet management and systematic software/firmware rollouts via an all-in-one User Interface. Features include the ability to send OTA calibrations to electrical components, update vehicle configurations, improve diagnostics and perform predictive failure detection, as well as enabling new connected services such as usage-based insurance, driver personalization or in-vehicle payment for goods and services for food, parking and tolling.