Intelligent Automotive Software Platform Company Eatron Raises $11M in Series-A funding to Accelerate its Global Growth
Eatron, a fast-growing scale-up with its unique ‘intelligent automotive software’ platform for the edge and the cloud announced that it raised $11M in its Series-A round led by MMC Ventures with participation from Aster Capital and Vinfast.
Eatron has a long-standing collaboration in different projects with Vinfast to explore and accelerate deployment of the company’s software platform into Vinfast’s rapidly expanding range of electric cars. Eatron entered into a similar strategic partnership with the Hirschvogel Group from Germany in the summer of 2020 when Hirschvogel also invested $1.5M+.
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Eatron, which is headquartered in the UK with a world-class R&D centre in Istanbul, has developed a unique software platform – spanning from the edge to the cloud – which is driving significant innovation in the continuous optimization of performance, efficiency and safety of software-defined electric vehicles.
Eatron’s innovative technology enables OEMs and Tier-1s to de-couple complex embedded automotive software from the underlying electronic hardware through abstraction and rapidly deploy such software for serial production. The company already has major program wins with OEMs which are going into production from Q1 2022.
Eatron’s platform currently offers highly differentiated software applications for battery management (BMS), intelligent motion control, and advanced driver assistance (ADAS) for serial production. Eatron’s unique modular platform approach increases supplier choice for OEMs and significantly reduces cost, risks and time to market. Each Eatron software application running on the edge is powered by AI and designed to have a cloud counterpart with analytics, offering OTA updates and continuous software improvements to achieve superior performance and reliability over the lifetime of the vehicles.
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Part of the Series-A funding will be used to expand the platform with additional partnerships for third-party software modules and semiconductor & hardware component suppliers. The company already has a growing list of such partnerships with majors which it plans to announce in due course.
Because of its unique platform approach and highly differentiated technology, Eatron has seen strong demand for its offering with revenues increasing more than 500% during the past 12 months. Eatron is currently running several advanced development programs with leading semiconductor suppliers and Tier-1s and therefore continuously increasing its global network of supported automotive electronics and system suppliers.
The new investment will further accelerate the development and deployment of new embedded and cloud-based intelligent features as well as fuelling an ambitious global growth of Eatron development teams in the UK, Turkey, and China. As part of its global expansion Eatron will grow its sales teams in Germany, India and the USA. This is expected to create more than 50 new jobs globally in the coming year in addition to the 50 jobs it created during the past 12 months.
