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Recently, ABUP, an OTA solution supplier, announced its completion of B-round financing amounted to CNY 100 million, which is expected to be used for product R&D and market expansion.
TECH, IoT
On October 17, OTA solution supplier ABUP (Chinese: 艾拉比) received CNY 100 million (USD 14 million) from its B-round financing, which was led by Guoke Xinneng Fund (Chinese: 国科新能), followed by Granary Capital (Chinese: 仓廪投资). It is reported that the fund will be used for product R&D and market expansion.
ABUP, founded in 2017, is a Shanghai-based OTA solutions' provider in the automobiles and IoT field. The company is committed to promoting intelligent upgrading of auto and IoT terminal products by providing OTA services, including firmware upgrades (FOTA), software upgrades (SOTA), Automobile cloud diagnosis (DOTA), and IoT upgrade solutions (IOTA).
Increasing customer demand for auto intelligence, along with the automotive hardware gradually developing to the peak, will boost the development of the auto software industry and bring us to a new era called "software to define automotive." Over-the-air (OTA) programming refers to the ability to download applications, services, and configurations over a mobile or cellular network. OTA applied in the auto field is regarded as providing online software-upgrade services to the vehicle during the entire life circle of the car, which can help OEMs accelerate the launch of new vehicles, and the customers save maintenance costs. As the OTA capability continues to grow, the business mode of the auto industry is changing from "selling new cars" to "continuous upgrade service."
Up to now, ABUP has served more than 40 OEMs and 50 auto parts suppliers. In the future, ABUP will enrich its product types and provide products and services to OEMs worldwide.