Plug and Play Invests in Veecle to Bring Software-Defined-Cars to Automakers
Plug and Play participates in the €2.6M Seed round of Veecle, the Berlin-based startup enabling legacy automakers to build software-defined vehicles. The round is led by Relay Ventures and joined by F-LOG Ventures and IBB Ventures.
In a pivotal moment for the automotive industry, the challenges of software integration and development, coupled with a dependence on externally sourced software, have reached a critical juncture. Manufacturers grapple with scalability hurdles and soaring costs in integrating new features, stemming from the intricate nature of automotive supply chains. This limited control over software inhibits the realization of vehicles’ full potential, making it a formidable challenge for car companies to meet consumer demands for feature-rich cars and continuous updates.
Veecle introduces a paradigm-shifting approach to software architecture. Veecle’s groundbreaking NOS operating system, meticulously crafted on Rust to uphold industry safety, security, and efficiency standards, dramatically slashes development timelines from years down to mere months. This innovation heralds a new era of agility and responsiveness for the automotive sector, empowering manufacturers to swiftly address market demands and elevate the driving experience.
Veecle CEO Stefan Nürnberger: “Veecle empowers car companies to directly design and integrate their own features into car functions, to break supplier dependencies and fast-track development processes. Veecle allows manufacturers to painlessly add new features to existing architectures and to open the door to new business models through connectivity. And, with this financing round we are continuing to expand our pilots and enter production with our automotive partners.”
Theodora Preda, Ventures Director at Plug and Play: “At Plug and Play, we are constantly on the lookout for disruptive technologies, and, via our dedicated mobility program STARTUP AUTOBAHN powered by Plug and Play, we aim to uncover the startups that will not only redefine, but transform the automotive industry. Veecle is poised to revolutionize the next generation of software-defined vehicles, and we are very excited to support them in this journey.”
This round’s syndicate merges investors seasoned in Silicon Valley software expertise with well-connected German industrial networks, featuring:
Plug and Play Ventures is a leading innovation platform and one of the most active early-stage VC firms globally with 30+ unicorns in the portfolio, including PayPal, Honey, N26 and Einride. Headquartered in Silicon Valley, Plug and Play invests across more than 20 industries. Their European mobility offices are located in Stuttgart, London, Modena and Gothenburg.
Relay Ventures, a North American early-stage venture capital firm with offices in Toronto and San Francisco. Relay invests in ideas that go beyond conventional wisdom and solve major pain points within large markets with potential for rapid growth.
F-LOG Ventures, a venture capital fund specializing in start-ups in the fields of logistics and supply chain and focused on founding teams that pursue a technology-driven approach. The firm’s anchor investor is FIEGE Logistik.
IBB Ventures, one of the most active early-stage venture capital firms in Germany, has invested into more than 260 innovative Berlin-based companies since 1997. The current funds with a combined volume of € 120 million are backed by Investitionsbank Berlin (IBB) and the European Regional Development Fund (ERDF).
