Sibros Technologies Inc., a Silicon Valley- and Pune-based startup that is focussed on connected vehicle software, has raised $12 million (Rs 89.72 crore) in a Series A funding round.
The round has been led by venture capital firm Nexus Venture Partners, Sibros said in a statement. Other participating investors include California-based Moneta Ventures and artificial intelligence-focussed Twin Ventures.
The investment takes the total capital raised by Sibros to $15 million.
The company was set up in 2018 and says it manages vehicle software inventory and configurations to streamline firmware updates.
It also conducts deep data collection from sensors and components for advanced analytics.
It will use the capital it has raised to expand its product offering, customer engagement and core teams in different geographies.
“The acceleration of the software-defined vehicle has thrown automakers into a chaotic new maze of software and data management complexity,” Sibros co-founder and chief executive officer Hemant Sikaria said.
“In order to stay ahead and enable new functionalities, OEMs must adopt a software-first approach throughout the entire vehicle lifecycle,” he added.
Nexus Venture Partners principal Abhishek Sharma said the firm was confident of its investment in Sibros because of its focus on helping automakers adapt to large-scale transformations in the transportation space.
Sibros says its platform also allows for customisable software campaigns, fleet management and systematic rollout of software and firmware updates.
Nexus Venture Partners
India and the US form the primary markets for Nexus Venture Partners, which has over $1.5 billion under management.
A VCCircle analysis of deal-making by top VC investors between January and June found that Nexus Venture Partners stood in fifth place among peers including Sequoia, Accel, and Matrix.
Nexus Venture Partners was set up in 2006 and typically makes investments in a company’s seed and Series A rounds. However, there are exceptions to this.
Last month, it took part in a $150 million (around Rs 1,138 crore) Series C round in Postman, Inc., which operates an eponymous application programming interface (API) testing platform. The round was led by Insight Partners, with the company being valued at $2 billion.
Other portfolio companies of Nexus Venture Partners include Delhivery, Druva, Observe.ai, Pubmatic, Unacademy, and Snapdeal.