Funding from Aptiv and existing investor Audi pushed the automated driving software provider’s valuation above $1bn.
TTTech Auto, an Austria-based provider of safety software for autonomous vehicles, received $285m in funding from car producer Audi and automotive technology producer Aptiv yesterday at a valuation exceeding $1bn.
Aptiv put in the lion’s share of the funding, contributing $228m, while Audi is strengthening its existing stake in the company with an additional $57m.
Spun out of Vienna University of Technology in 1998, TTTech develops safety hardware and software for self-driving cars.
The company plans to use the capital to improve its MotionWise safety software product, which is designed to help automotive manufacturers shorten the development of their cars by managing the multitude of data inputs an autonomous vehicle needs to handle.
TTTech will also put the proceeds toward expand its wider product portfolio and its business in Asia, North America and Europe as well as exploring strategic investments and acquisitions.
As driverless vehicles come nearer to being a…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
