July 12, 2018 | Aurora Labs, an Israeli-founded startup that developed automotive software fixes and predictive maintenance for connected vehicles, announced on Wednesday that it raised $8.4 million in a Series A funding round led by Texas-based Fraser McCombs Capital along with previous investor MizMaa Ventures, based in Tel Aviv.
Aurora Labs said in a statement that it intends to use the funds to expand its international presence and advance R&D activity. The company, founded in 2016, has offices in Tel Aviv and Munich.
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Aurora says its machine learning algorithms uniquely address all three stages of an automotive maintenance system to detect, repair, and seamlessly implement over-the-air (OTA) updates to faults in the software.
“The platform detects faults in software behavior and predicts downtime events; it fixes flaws on-the-go in the electronic control unit (ECU) software, guaranteeing a seamless user experience; and finally, Aurora Labs’ OEM-verified, clientless Over-the-Air (OTA) update solution provides cost-effective and swift ECU updates with zero downtime, without requiring dual memory,” Aurora said in a statement.
Zohar Fox, CEO and co-founder of Aurora Labs, said in a statement: “Our technology fills a crucial role, enabling innovation without compromising on safety in the increasingly software-reliant automotive industry. The ongoing success of our pilots with three major OEMs – along with three new pilots set for the coming months – is indicative of this critical need. This funding will help us drive the industry into the age of self-healing vehicle software.”
“Global automotive manufacturers are struggling with the increasingly complex nature of software-driven innovation and the need for expedient user adoption. The Aurora Labs Self-Healing Software platform is addressing that challenge head on,” said Chase Fraser, a managing partner of Fraser McCombs Capital, which focuses exclusively on automotive innovation. “Their technology is a crucial component for the connected car of today and the autonomous vehicle of tomorrow. Aurora Labs is poised to greatly assist our industry, and we’re pleased to be a partner in that process.”
Catherine Leung, founder and general partner of MizMaa Ventures said Aurora’s solution “ensures a seamless experience for drivers while providing a rapid and cost-effective way to resolve these flaws – protecting not only automakers’ reputations, but their bottom line as well. This is a game-changer for the automotive industry worldwide.”