TTTech Auto, a Vienna, Austria-based automotive safety software provider, raised USD 285m (EUR 250m) in funding.
Backers in the round that valued the company at more than USD 1 billion included:
- Aptiv PLC (NYSE: APTV), which is providing USD 228m (EUR 200m), and
- Audi, which is increasing its existing stake by USD 57m (EUR 50m).
The company intends to use the funds to accelerate progress in three strategic areas:
- expanding its product portfolio for automotive manufacturers and its technology partners,
- expanding internationally in key regions, and
- extending its capabilities through strategic M&A and product investments.
The transaction is subject to regulatory approval and is expected to close within the next two months.
Led by Georg Kopetz, CEO, TTTech Auto specializes in safe software and hardware platforms for automated driving and beyond, applicable in series production programs. With its technology solutions, TTTech Auto ensures safety and electronic robustness for a more automated world.
Founded in 2018 by TTTech Group and technology leaders Audi, Infineon and Samsung, the company received an initial investment of EUR 75m from Samsung to build a global, safe vehicle software platform for automated and autonomous driving. At TTTech Auto’s headquarters in Vienna, Austria, and in more than 10 locations across Europe, the U.S.A. and Asia, 1,200 employees work with a number of car manufacturers on their ADAS and autonomous driving programs. The company has in the past acquired technology companies in Spain, Turkey and in the Central and Eastern Europe.
FinSMEs
03/02/2022