European Investment Bank provides TTTech Auto with €30 million growth funding
The European Investment Bank (EIB) is providing TTTech Auto with €30 million of funding for further growth. The funding will foster TTTech Auto’s continuous innovation and help grow its global footprint based on technological advances. These include the further development of its safety software platform MotionWise and the potential introduction of additional leading-edge software products.
MotionWise is the series-proven 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.
A strategy to build global market leadership positions
“Europe has huge potential to drive innovation in key industrial technologies of global impact, like automated and autonomous driving,” said Harald Triplat, CFO of TTTech Auto. “The European Fund for Strategic Investments and the EIB have recognized 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.”
“By providing financing to TTTech Auto, we are supporting a thriving European company operating in a challenging technology segment,” said Thomas Östros, Vice-President at EIB. “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.”
Reducing time to market for innovative companies
The EU bank financing is being provided under the Investment Plan for Europe. The European Fund for Strategic Investments (EFSI) is the central pillar of the Investment Plan under which the EIB and the European Commission are working closely together as strategic 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 over the project implementation and pay-back period. This is crucial since it helps innovative companies to reduce the time to market from product development to market penetration.