Electronics provider Molex invested an undisclosed amount in US-based transportation software provider Excelfore Corporation yesterday, securing a 20% stake in the process.
Excelfore produces smart mobility technology that allows vehicle components and connected devices like cloud-based servers or fleet monitoring systems to communicate with each other.
Molex’s funding will be added to a series A round that stood at $10.6m in size as of August 2016, according to a regulatory filing which indicated Excelfore planned to close the round at $15.6m.
The investment will lead to Molex and Excelfore collaborating on end-to-end vehicle technology. Bill Fitzer, general manager of Molex’s Connected Mobility Solutions business unit, said: “Smart mobility starts with innovative people and solutions to make intelligent vehicle designs a reality.
“Together, Molex and Excelfore will provide complete intelligent vehicle systems integrating the hardware, software and technical services needed to advance adoption of next-generation connected platforms in today’s vehicles.”