[Press Release] KRONO-SAFE raises €10.6 million and confirms its position as a leading european software tool provider for safety-critical real-time systems
Massy, January 21, 2020 – French software company KRONO-SAFE recently completed a new €10.6 million Series B financing with participation from Aptiv PLC (NYSE: APTV), a new investor in the funding round, joining Safran Corporate Ventures and other lead investors.
With this funding, the company has the necessary resources to further develop its ASTERIOS® tool-suite at both industrial and commercial levels. ASTERIOS®, is an integrated software tool suite which provides safety-critical systems engineering teams with a game-changing approach to cope with the growing complexity of software integration on single- to multi-core architectures.
«KRONO-SAFE has achieved commercial success in Aerospace and Defense, and is now facing a global deployment challenge, in terms of development staffing, market and sales channels expansion”, said Eric Lutterman, KRONO-SAFE’s CEO. “With our Series B funding round supported by Aptiv, we are providing our company with the means to succeed in this challenge, for structuring and strengthening the technical and commercial development of our product portfolio; we are pleased to have Aptiv– with whom we just announced a commercial partnership – now joining Safran as strong supporters of our ASTERIOS® integrated software platform”.
In September 2015, Safran signed a partnership agreement with KRONO-SAFE, along with capital investment via Safran Corporate Ventures – its corporate venture capital subsidiary – with objective to address safety-critical onboard system requirements in company’s strong growth markets.
In October 2019, KRONO-SAFE entered into a commercial agreement with Aptiv, which invested in this funding round to further support the partnership.
“As systems become more complex, the ability to reliably integrate and cost-effectively support these advancements throughout the software lifecycle, becomes increasingly important. Our partnership with KRONO-SAFE will extend Aptiv’s leadership position advancing the industry towards software-defined vehicles” said David Paja, Aptiv’s Senior Vice President and President of Advanced Safety & User Experience.
For Olivier Bermond, VP Engineering at KRONO-SAFE, “combining Logical Execution Time technologies with Aptiv core competencies, will result in the provision of a high-performance tool chain for the development of Automotive Software Applications that can be used from complex AUTOSAR applications to safety-relevant systems compliant with ASIL-D, according to ISO 26262”.
Bolstered by the confidence of its investors and granted this new round of funding with Aptiv, KRONO-SAFE will accelerate both technical and commercial developments of its ASTERIOS® flagship tool-suite.
Noted in addition to Aptiv, North America investors, DraperDragon and CEC Huada International are joining the historical group of investors (Safran Corporate Ventures, CEA Investissement, CM-CIC Innovation ATI and Scientipôle Capital) in injecting this new round of capital into KRONO-SAFE. For this round, the company was advised by Agave Partners LLC, Transaction R, and Greengotts.
KRONO-SAFE develops ASTERIOS®, an integrated software tool suite which provides safety-critical Systems Engineering teams with a breakthrough approach to cope with the growing complexity of software integration on single- to multi-core architectures.
The software Company, based in Massy, France, south of Paris, was established in 2011, as a spin-off of CEA (French public research organization in Nuclear and Alternative Energies) on the basis of 15 years of research & development on Logical Execution Time (LET) paradigms and deterministic development processes and technologies. KRONO-SAFE’s solutions have since been used in core industries like Aerospace, Defense and Automotive by lead customers like Safran and Aptiv. Visit Krono-Safe.com.