TTTech closes $55M investment round to scale IoT and autonomous driving solutions; new strategic partners join Audi
TTTech closed a €50-million (US$55-million) 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 Audi AG. TTTech said it 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. 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.—Prof. Dr. Ulrich Hackenberg, Member of the Board of Management at Audi AG for Technical Development
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 (US$58 million) in 2014.