Apex.ai Secures Investment from Continental and ZF

Apex.ai Secures $56.5 Million in Series B Funding

The considerable effort undertaken by Apex.ai over the past four years – involving a complete rewrite and subsequent safety certification of a robot operating system – to provide automakers and mobility firms with a toolkit for software application integration into vehicles has yielded positive results.

Strategic Investment and Funding Details

Founded by Bosch alumni Jan Becker and Dejan Pangercic, alongside automated systems specialists, the company has successfully attracted a diverse group of new investors. This includes strategic partners like Continental and ZF, participating in a $56.5 million Series B funding round spearheaded by Orillion.

Additional participants in this round encompass AGCO, Canaan, Lightspeed Venture Partners, Airbus Ventures, Jaguar Land Rover’s InMotion Ventures, and others. To date, Apex.ai has raised a total of $74 million, incorporating prior investments from Volvo Group Venture Capital, Toyota Ventures, and HELLA Ventures.

Significantly, ZF is acquiring a 5% ownership stake in Apex.ai as part of this investment.

Growing Demand for Software-Defined Vehicles

Increased investor interest in companies such as Apex.ai is directly linked to the ongoing development of autonomous vehicles. The automotive sector is increasingly focused on creating “software-defined” vehicles.

These vehicles are designed to deliver digital services to drivers and passengers, with the capability of receiving over-the-air software updates – mirroring the functionality of a smartphone. As vehicle complexity rises, the need for a safety-certified software development kit becomes paramount.

This is the core premise underpinning the confidence of Apex.ai and its investor base.

Orillion’s Perspective on Apex.ai’s Market Position

“Apex.AI has established a distinctive position in the market by simplifying the implementation of safety-critical software within mobility systems,” stated Ahmed Sallam, partner at Orillion, who will also be joining the company’s board.

“Our investment in Apex.ai is also driven by the belief in substantial opportunities to broaden the application of their operating system beyond the automotive industry, extending into sectors like agriculture, robotics, and the Internet of Things (IoT).”

Apex.ai’s Product Offerings and Certifications

Apex.ai concentrates on enabling automakers and mobility companies to integrate software applications into vehicles seamlessly and securely.

The company, with offices in Palo Alto, Berlin, Stuttgart, and Munich, has developed two key products:

• Apex.OS: A software development kit specifically designed for autonomous driving software and other safety-critical mobility applications.
• Apex.middleware: An enterprise middleware solution that integrates diverse protocols to enhance communication between software applications.

Apex.OS recently achieved certification from TÜV NORD for functional safety, adhering to the highest standards of ISO 26262. This certification validates the software’s suitability for use in production vehicles, thereby expanding Apex.ai’s market reach.

Future Expansion and Product Development

The newly acquired capital will fuel substantial growth across all facets of Apex.ai’s operations.

Becker revealed to TechCrunch that the company intends to double its workforce from its current 70 employees to 140 by the end of the following year. Plans also include expansion into the Asian market and the commercialization of existing products.

Furthermore, Apex.ai will focus on developing new offerings in areas adjacent to the automotive industry, including agriculture, mining, industrial automation, and the Internet of Things (IoT).

Tavis Szeto, a former Panasonic executive, will spearhead the expansion into Asia.