Munich-based Apex.ai has raised $56.5 million in a Series B funding round. The software maker provides solutions for mobility and autonomous applications, essentially uniting a variety of interdependent systems. The company intends to use the new capital to expand into automotive-related verticals including agriculture, mining, industrial automation and IoT. These new market entries will be driven, in part, by the bolstering of staff members across its four global offices, as well as the opening of a new office in Asia, to be headed by former Panasonic executive Tavis Szeto. This funding now brings the company’s total amount raised to $74 million.
Founded in 2017, over the course of this past year the company has shown significant advancements in its end-to-end operating system for mobility, smart machines, and IoT, Apex.OS. The software has received the coveted certification from TÜV NORD for functional safety according to the highest level of ISO 26262, thereby making the system ready for production vehicles.
“Disruptions in mobility such as self-driving, connected vehicles, e-mobility, and shared mobility all rely on software but lack a unified platform, which prevents integrated development across the vehicle,” explained Apex.ai CEO and co-founder Jan Becker. “We introduced Apex.OS as the first mobility software platform that can integrate across all in-vehicle domains and extend into the cloud to solve this challenge. We are experiencing an overwhelming demand for our product, and will use the Series B funds to scale our business to be able to serve more customers.”
Apex.ai’s $56.5 million Series B funding round was led by Orillion and included new participation from ZF, Continental AG, AGCO, Canaan, Lightspeed Venture Partners, Airbus Ventures, Jaguar Land Rover’s InMotion Ventures, and other undisclosed investors. Previous backers of Apex.ai’s technology include Volvo Group Venture Capital, Toyota Ventures, and HELLA Ventures.
“Advanced software has become critical to the success of the automotive industry as vehicles are now more complex than ever. Apex.AI has cornered a unique market by making it easier for manufacturers to implement safety-critical software into mobility systems,” said Orillion’s Ahmen Sallam. “We also invested in Apex.AI because we see significant potential to expand the market for their operating system beyond the automotive industry and into other markets such as agriculture, robotics and internet of things (IoT).”