LG Technology Ventures, the investment division of LG Group, and Marius Nacht, co-founder of Checkpoint Software Technologies, jointly led the round. In addition to existing investors, Porsche SE, which holds a majority stake in the VW Group with its brands Volkswagen, Audi, Porsche, Skoda and SEAT, participated in the financing round. Porsche SE had recently announced its $2.5 million investment in Aurora Labs and its plans to bring the company’s solution into serial production within the next two years.
Toyota Tsusho, representing Toyota Motor Corporation, and the international safety certification organization Underwriters Laboratories (UL) were also part of the Series B financing for the Israeli start-up company. The $23 million investment complements the existing $11.1 million financing.
"The cross-industry commitment of investors demonstrates the need to continuously improve software quality and keep it safe and up-to-date on all devices. This is especially true for vehicles, as the volume of software code continues to increase due to increased networking," said Zohar Fox, co-founder and CEO of Aurora Labs. "Car manufacturers are also gearing up to implement the new UNECE WP.29 regulations. At the same time, technology and electronics manufacturers are attaching increasing importance to software in their product development".
Aurora Labs offers itself to car manufacturers as a strategic partner to keep the software of their vehicles up to date. In addition, says Fox, "the Aurora Labs solution can be used to create recurring revenue streams that go beyond what Tesla has demonstrated".