BUCHAREST (Romania), August 16 (SeeNews) - Romanian automotive deep-tech startup OxidOS said on Tuesday it has raised 1.2 million euro ($1.21 million) from investors following its first seed financing round.
The round was led by Early Game Ventures (EGV) and joined by various business angels, OxidOS said in a press release.
The startup is working on software solutions which will enable automotive companies to faster develop software for Electronic Control Units (ECUs), cut development costs and reduce security issues.
"We are at a time when the entire automotive industry is going through a paradigm shift. We want not only to be part of this revolution, but to make a serious contribution. OxidOS will halve the time required to develop software for car components and will massively reduce security problems encountered by car manufacturers", OxidOS co-founder and CEO Alexandru Radovici said.
According to OxidOS, the automotive software market is growing at an annual average of 24%, as modern cars have more and more microcontrollers (up to 100 in each car) that require specialized software.
OxidOS was founded this year by a group of five Romanian entrepreneurs.