A Warwick-based automotive software firm has raised $11m in a series-A funding round to support is global expansion plans.
Eatron, which also has an R&D centre in Istanbul, has developed a software platform designed to drive innovation in the continuous optimisation of performance, efficiency and safety of electric vehicles.
The company has a collaboration in different projects with Vinfast to explore and accelerate deployment of the platform into Vinfast’s range of electric cars.
It entered into a similar strategic partnership with the Hirschvogel Group from Germany in the summer of 2020 when Hirschvogel also invested $1.5m.
The funding round was led by MMC Ventures with participation from Aster Capital and Vinfast. Part of the cash boost will be used to expand the platform with additional partnerships for third-party software modules and semiconductor and hardware component suppliers.
It will also accelerate the development and deployment of new embedded and cloud-based intelligent features, as well as fuelling growth of Eatron development teams in the UK, Turkey, and China.
As part of its expansion, Eatron will grow its sales teams in Germany, India and US. This is expected to create more than 50 jobs globally in the coming year in addition to the 50 jobs it created during the past 12 months.
Dr Umut Genc, co-founder and chief executive, said: “Mobility and automotive in particular is in the middle of a dramatic transformation and, as part of this change, needs to become a software-driven industry.
“An intelligent automotive software platform, embedded at the edge and connected to the cloud, will play a critical role in this transformation. For Eatron, this is a platform and data play, where we make a big difference with a unique synthesis of functional safety, machine learning, advanced controls, connectivity and cloud analytics for production grade customisable automotive software components.
“This helps OEMs and tier-1s to develop connected intelligent software-defined electric vehicles faster, better, and hence enables them to stay ahead of their competition.”
Mina Samaan, investor at MMC Ventures, added: “Everywhere you look today, all governments across the world are committing to driving incentives for increasing electric vehicles and autonomy on the roads over the next five years.
“Yet while some automotive OEMs have built and released capabilities, the majority are significantly behind. We have seen many software businesses building interesting algorithmic concepts to support these OEMs, but none have had the expertise to meet the regulatory, security and safety requirements for automotive production.
“Eatron is the exception. Its software has been built from the ground up to be automotive grade and has the potential to drive the battery and autonomy features in hundreds of thousands of vehicles in the coming years.”