European Investment Bank provides TTTech Auto with €30 million to advance its leading safety software platform for automated driving
– Joint press release – Luxembourg/Vienna, 17 December 2020 – The European Investment Bank (EIB) is providing TTTech Auto with €30 million of funding for further growth. TTTech Auto is a fast-growing software company specialising in the development of a safety software platform for advanced driver assistance systems and automated driving. The company is based in Vienna, Austria, and is an established software partner of global car manufacturers including Volkswagen/Audi, BMW, Hyundai Corporation and SAIC Motors, the biggest Chinese car manufacturer.
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 a 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.
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.
EIB Vice-President Thomas Östros said: “By providing financing to TTTech Auto, we are supporting a thriving European company operating in a challenging technology segment. 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.”
Harald Triplat, CFO of TTTech Auto, 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.”
- EIB Vice-President Thomas Östros
- Harald Triplat CFO TTTech Auto
- Virtual signing: Thomas Oestros, EIB, Harald Triplat, TTTech Auto
About TTTech Auto
TTTech Auto provides software solutions for future vehicle generations. The company specialises in the development of the safety software platform for automated driving and beyond, applicable in series production programmes. With its leading technology solutions, TTTech Auto ensures safety and electronic robustness for a more automated world.
TTTech Auto operates under the umbrella of the TTTech Group, a technology leader in robust networking and safety controls, with cross-industry experience from more than 20 years of operation. The TTTech Group is headquartered in Vienna, Austria, and also present in several locations in Europe, the United States and Asia. www.tttech-auto.com
About the European Investment Bank
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
About the Investment Plan for Europe
The Investment Plan for Europe is an EU initiative to boost investment and to create jobs and growth. Through guarantees from the European Fund for Strategic Investments (EFSI), the EIB and the EIF are able to take on a higher share of project risk, encouraging private finance providers to participate in the projects. The projects and agreements approved for financing under the EFSI so far are expected to mobilise €535.4 billion in investments and support around more than 1.4 million start-ups and SMEs across all EU Member States.