NANJING, China, May 15, 2023 /PRNewswire/ -- 15th May 2023, automotive system software provider AutoCore.ai announces the completion of A+ round fundraising led by Bosch Ventures and BoYuan Capital, joined by existing shareholder GL Ventures.
We are witnessing an era represented by automotive chips powered with complex and advanced computing capabilities, as well as the multifold growth of intelligent sensors. The massive amount of data has brought about exponential growth and challenges in data transmission, scheduling and management. Automotive middleware will become the fundamental must-have software for intelligent vehicle development, with its market potential reaching tens of billions of dollars in the medium and long term.
Along with the explosive growth of the market, AutoCore.ai, established in 2018, has rapidly developed into a global automotive software platform-oriented enterprise, based on the self-developed AutoCore.OS platform, providing middleware, system software products, algorithm and application software licensing services with SOA oriented architecture across entire vehicle.
AutoCore.ai has created a complete and unified in-vehicle data platform for OEMs to achieve system-level functional performance, safety and security with guarantees for real-time, deterministic and secure communication, transmission, scheduling and planning of data across all vehicle domains, supporting different EE architecture. As a global leader in providing advanced automotive infrastructure software products and services, AutoCore.ai has witnessed its significant growth each year in terms of team, product maturity, engineering capabilities, tools, and customer base.
AutoCore.ai is the first middleware supplier in the world to have its full-stack software products certified to ISO 26262 ASIL-D, the highest functional safety level, currently adopted by many leading OEMs and Tier1s in their mass production programs around the world. AutoCore.ai is also a chosen strategic partner by several mainstream chip manufacturers.
It is reported that the lead investors of this round, Bosch Ventures and BoYuan Capital, are both investment funds of the Bosch Group, a global leader of automotive electrical and electronic architecture. Bosch Group is the main initiator and supporter of Autosar standard, the world's largest automotive Tier1 system integrator, and has irreplaceable influence across the automotive industry supply chain. AutoCore.ai will work with Bosch Group to explore new technologies and products, work together to respond to the rapidly changing needs of the global automotive industry on a larger scale and at a faster pace.
This strategic investment marks the next step growth of its core alliance AutoCore.ai has been able to build globally. The alliance with Bosch represents the new generation EEA solution moves into a mature and mass production stage, enabling global OEMs. Bosch group believes that AutoCore.ai will also strategically benefit from Bosch's strong network and communities for the Software-defined vehicle by leveraging collaboration opportunities with its entities and partners.
"We believe that AutoCore.ai will represent China's outstanding innovative enterprises and become a sought-after specialist in the international automotive supply chain", says Dr. Ingo Ramesohl, Managing Director of Bosch Ventures.
Dr. Hongquan Jiang, Managing Partner and Chairman of BoYuan Capital, said: "Along with the change of the whole vehicle EE architecture, the new generation of software and hardware solutions for the automotive industry are accelerating into the scale deployment stage. With the completion of this round of strategic investment, AutoCore.ai and the Bosch Group will cooperate in depth at both capital and business levels, jointly building an innovative model based in China for the world. We believe that AutoCore.ai will represent outstanding Chinese innovative companies and become a leading international core technology supplier for next generation automotive supply chain."
GL Ventures partner Qiang Li says, "GL Ventures has been supporting AutoCore.ai since Pre-A, this is our third consecutive investment into AutoCore". AutoCore.ai team has demonstrated outstanding capabilities in product development, market penetration as well as accumulation of abundant industry know-how in very short period of time. It has already produced many robust products, first of their kinds in the industry. Safe, high performance and high reliable middleware is one of the key areas of volume intelligent mobility. We are delighted to witness the exciting adoption from OEMs, Tier1s and other partners of AutoCore.ai's product and technology. We trust that under Dr. Yang Zhang's leadership, AutoCore.ai will continue to deliver critical value to its customer base, playing an important role in this wave of intelligent automotive evolution.
Dr. Yang Zhang, Founder and Chairman of AutoCore.ai, says "We are thrilled that our hard work and unwavering dedication being recognised by our wide customer base, glad that Bosch choose to be part of the journey. We expect close collaboration between us in global arena. We would also like to take this opportunity to thank all of AutoCore.ai's shareholders. We wouldn't be here without their commitment and support."
