Aurora Labs raises $63 Million in Series C Financing to bring AI to the Software-Defined Vehicle

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TEL AVIV, Israel, July 07, 2022--(BUSINESS WIRE)--Aurora Labs, founded in 2016 by Zohar Fox (CEO) and Ori Lederman (COO), announced today that it has secured $63 million through a Series C financing round led by Moore Strategic Ventures ("MSV"). Also participating in the round was existing investor Porsche Automobil Holding SE ("Porsche SE"), majority owner of VW Group and Colmobil Corp, Israel’s leading automotive importer and distributor. Colmobil Corp is led by the Harlap family who were early investors in Mobileye, SolarEdge and Via, amongst others. This round brings the total investment in Aurora Labs to approximately $100 million. Aurora Labs holds 90 patents and has 15 customer projects globally.

Aurora Labs’ AI-based Vehicle Software Intelligence has reinvented how automotive companies, Tier-1 suppliers, silicon vendors and enterprises develop, certify and diagnose software, and conduct over-the-air updates. The company’s solutions are being used by global automotive and device manufacturers to continuously collect actionable data and obtain a deep understanding of line-of-code software behavior. This level of understanding helps the software development teams streamline the processes of development, testing, integration, WP.29 compliance, continuous certification, and on-the-road, zero-downtime, over-the-air (OTA) updating. The solution also keeps software safe and secure from faults and cybersecurity attacks, while allowing manufacturers to continuously add new features and functions extending the life of the device and enhancing user experiences.

Insight into automotive software behavior is crucial as more lines of code from a growing list of entities – Tier 1s, open-source, and automakers themselves – make the software-defined vehicle a reality. Aurora Labs’ AI-based Vehicle Software Intelligence offers significant economic benefits to the auto industry with a clear cost-effective value proposition, saving up to 98% of hardware and data transmission costs for software updates, and up to 30% in software engineering hours saving manufacturers billions of dollars on their bill of materials and data communications costs and enabling recurring revenue streams.

"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," says James McIntyre, Senior Managing Director and COO of MSV. "Aurora Labs provides OEMs with the tools they need to compete at the highest level, offering their customers a far better user experience than they are capable of delivering today."

"We are doubling down on our investment in Aurora Labs because of the importance of its AI-based technology to the automotive sector. The software provides developers and automotive OEMs with actionable insights from the development phase throughout the lifecycle of the car. We are convinced that the use of this technology provides significant benefits to OEMs and customers alike and will be a key enabler for software-defined and connected vehicles," said Lutz Meschke, board member responsible for investment management at Porsche SE.

"The continued commitment from Porsche SE and the investment from Moore Strategic Ventures 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. The amount of software being developed for, and deployed in, the vehicle is astronomical. For the industry to move forward and realize software-defined vehicles - sophisticated AI solutions are needed to enable Continuous Everything - Continuous Integration, Deployment (CI/CD), Testing, Certification and Updates. Aurora Labs’ solutions will save automotive companies time and money and will ultimately save lives as vehicles become electric and more autonomous," said Zohar Fox, CEO, Aurora Labs.

About Aurora Labs

Aurora Labs is pioneering the use of AI and Software Intelligence to solve the challenge of automotive software development.

Aurora Labs brings AI-based Vehicle Software Intelligence to the entire lifecycle of a vehicle from software development to testing, integration, quality control, continuous certification and on-the-road over-the-air software updates. Aurora Labs focuses on the embedded systems that are key to the development of the software-defined vehicle and enables automotive manufacturers to more efficiently manage software costs and the resources required to develop and manage new vehicle features and mobility services.

The Company’s products have been adopted on customer platforms around the world, and with a commitment to conform and meet ISO-26262/ASIL-D and ASPICE-L2, will be in vehicles in coming car models. Aurora Labs, founded in 2016, has raised approximately $100m and has been granted 90 patents. The Company is headquartered in Tel Aviv, Israel, with offices in Germany, North Macedonia, the US, and Japan.

www.auroralabs.com

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Contacts

Mary Maguire
Aurora Labs
Director, Industry Relations
+1-617-877-8580
marym@auroralabs.com
USA - Boston

Corinna Voss
Markus Wild
HBI Helga Bailey GmbH - International PR & MarCom
+49 (0) 89 99 38 87 -30 / -51
corinna_voss@hbi.de
markus_wild@hbi.de
Munich, Germany

Hila Ovadia-Akerman
HOA-PR
+972-54-3141344
hila@hoa-pr.com
Tel Aviv, Israel

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