Europe’s Investment Bank (EIB) is providing TTTech Auto with EUR30m (US$37m) to advance its safety software platform for automated driving.
TTTech Auto is a software company specialising in the development of a safety software platform for advanced driver assistance systems and automated driving.
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The company is based in Vienna and is an established software partner of global car manufacturers including Volkswagen/Audi, BMW, Hyundai and SAIC.
The funding will foster TTTech Auto’s innovation and help grow its global footprint. This includes the further development of its safety software platform, MotionWise and the potential introduction of additional software products.
MotionWise is a software platform that supports real-time control applications and acts as the safety mastermind for automated driving. Within a vehicle architecture, it makes it possible to handle the high complexity of such systems.
The EIB loan will support the diversification of the company’s financial resources by integrating public funding into the overall financing structure.
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By GlobalDataThe EU bank financing is being provided through the Investment Plan for Europe. The European Fund for Strategic Investments (EFSI) is the central pillar of the Investment Plan in which the EIB and the European Commission are working closely together as partners in order to boost investment and to create jobs and growth by making smarter use of existing and new financial resources.
The EIB loan, supported by EFSI, will have a significant impact on the project’s acceleration as it provides TTTech Auto with financial support and flexibility during the project implementation and pay-back period.
“By providing financing to TTTech Auto, we are supporting a thriving European company operating in a challenging technology segment,” said EIB VP, Thomas Östros.
“Innovation and determination are key to ensuring sustainable growth and to creating highly qualified jobs. The EIB aims to provide Austrian and European growth-stage companies with tailor-made financing that enables them to invest and scale up their business. This is a key product for strengthening competitiveness and an excellent example of how the EU bank, with the support of the Investment Plan for Europe, is promoting innovative and aspiring businesses in Europe.”
For his part, TTTech Auto CFO, Harald Triplat added: said: “Europe has huge potential to drive innovation in key industrial technologies of global impact, like automated and autonomous driving. The European Fund for Strategic Investments and the EIB have recognised this and are helping to bring European high-tech enterprises like TTTech Auto forward in this direction.
“Europe needs this long-term public funding strategy combined with a well-functioning capital market to build strategic technology clusters and global market leadership positions. This way we can more easily scale companies and technologies to global significance to shape mega-trends like safety and sustainability with automated driving.
“For Europe and TTTech Auto it is key to lead this transition in the global mobility sector towards software-defined and more automated cars with the highest level of safety.”
