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.
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.”