TTTech Raises 50 Million Euros to Scale its Robust Network Solutions for the Industrial Internet of Things and Autonomous Driving Cars
Today TTTech announced a 50 million euro investment round involving two new key strategic partners: General Electric (GE Ventures) and Infineon Technologies AG. This funding is backed by the strong commitment of the existing shareholders, led by premium car maker AUDI AG. TTTech’s strong financial and industrial shareholders strengthen the company’s position as a leader in the fast developing market for networking and software solutions in the Industrial Internet of Things (IoT) and autonomous driving vehicles.
TTTech is a globally operating technology company headquartered in Vienna, Austria. It employs approximately 400 highly qualified professionals and operates offices in 10 countries in Europe, North America and Asia. The company’s products improve the robustness of networked computer control systems by using advanced safety and real-time technology. TTTech’s certified hardware and software solutions based on Deterministic Ethernet are deployed and proven in demanding production programs in the automotive, aerospace, off-highway and energy industries. These include platform solutions for applications ranging from the Boeing 787 and the new NASA Orion spacecraft to various car models of Volkswagen Group. TTTech has grown substantially in recent years and achieved record revenues of 52.6 million euros in 2014.
TTTech intends to use the proceeds to accelerate growth with its safety certified solutions in its core markets as well as to enable new value propositions and global support for its customers in the Industrial Internet of Things and autonomous driving car markets.
“Audi is pioneer of piloted driving. Since 2010, we have set one technical milestone after the other,” says Ulrich Hackenberg, Member of the Board of Management at AUDI AG for Technical Development. “The new Audi A8, which we plan to launch in 2017, will be the first model to make the transition from assisted to piloted driving. The capital increase in TTTech strengthens our strategic technological roadmap towards piloted driving in series production.”
“We understand the domain in which our customers operate, which is why we are intensely focused on bridging big iron, big data and software to drive new levels of productivity,” said Bernie Anger, General Manager at GE Intelligent Platforms. “With an impressive track record and strong competency in critical controls, TTTech’s deterministic networking and safety control technology have the potential to extend the reach of the Industrial Internet.”
“Infineon and TTTech see significant potential for synergies by bringing together TTTech’s leading safety control and robust networking technology with Infineon’s world-class microcontrollers. We are convinced of TTTech’s growth potential as its safety technologies play an important role in advanced automotive products such as the highly integrated platform control units on the way towards autonomous driving,” states Jochen Hanebeck, President Automotive Division at Infineon.
“We are extremely proud to close this capital raise with our new investors GE Ventures and Infineon, as well as with the strong commitment of our existing shareholders, led by AUDI AG. This investment shows the confidence they have in our strategic and organizational capabilities as we scale our safety certified products for the Internet of Things and autonomous driving. With this important investment, we become an even stronger and more innovative partner for our customers worldwide,” says Georg Kopetz, co-founder and member of the executive board at TTTech.
“This significant milestone is the result of the hard work of our employees and the market success in our core segments, as more and more leading companies are recognizing the value of TTTech’s highly reliable deterministic networks and safety certified products,“ concludes Stefan Poledna, co-founder and member of the executive board at TTTech.