TTTech Auto, a Vienna-based automotive safety software provider, announced that it has raised $285M (approx €248M) from Aptiv PLC and Audi in its latest round of funding.
Out of $285M, Aptiv invested $228M (approx €199M), while Audi increased its existing stake by $57M (approx €50M). The latest funding brings the Austrian company’s valuation to more than $1B, thereby reaching the ‘unicorn’ status. The transaction is subject to regulatory approval and is expected to close within the next two months.
The investment will enable TTTech Auto to further develop its flagship product, MotionWise, a safety software platform for automated driving.
The platform acts as the safety mastermind for automated driving within a vehicle architecture.
Further, the tools will enable car manufacturers to accelerate the software development process, from the idea stage to series production, including post sales feature updates over-the-air.
Secondly, the company is planning for international expansion with a strong focus on Asia. The company already operates as a joint venture company, Technomous, together with SAIC Motor Corporation in China.
In the next few years, the company plans to create hundreds of additional jobs in software and safety engineering, strategic product management, and business development in Europe, North America and Asia.
The company also plans to continue its M&A strategy by acquiring complementary products, technologies and services.
Georg Kopetz, CEO of TTTech Auto, says, “The next few years will be critical for the entire industry in the transition from automation to semi-autonomous driving and the software-defined vehicle. With MotionWise, we are supporting this industry transformation as an independent company with the most advanced safety software platform on the market. This funding will strengthen our position as a leader in automotive safety software and significantly increase our global footprint.”
TTTech Auto: What you need to know
Founded in 2018, TTTech Auto specialises in safe software platforms for automated driving and beyond, applicable in series production programmes.
The company aims to ensure safety and electronic robustness for a more automated world.
Currently, the company employs over 1200 people in Vienna and in more than 10 locations across Europe, the USA, and Asia, working with a number of leading car manufacturers on their ADAS and autonomous driving programmes.
The company has in the past acquired technology companies in Spain, Turkey, and Central and Eastern Europe.
Aptiv PLC is a global technology company that develops safer, greener and more connected solutions enabling a more sustainable future of mobility.
Kevin Clark, President and CEO of Aptiv, says, “Since 2017, Aptiv and TTTech Auto together have successfully deployed safety software systems in vehicles across various brands of the Volkswagen group. TTTech Auto’s expertise in providing end-to-end real-time behaviour for safety-critical systems complements our software platform to accelerate development, integration, testing, and validation. This investment further advances our software strategy, and adds to Aptiv’s full-stack capabilities, enabling customers to democratise advanced safety systems faster and at a lower cost.”
The Audi Group is a manufacturer of automobiles and motorcycles in the premium and luxury segments. Audi and its partners produce automobiles and motorcycles at 21 locations in 13 countries.
Markus Duesmann, CEO of AUDI AG, says, “Audi and TTTech Auto have a long-standing strategic partnership in the field of developing automated driving technology. We are now looking forward to expanding this successful cooperation as TTTech Auto joins forces with Aptiv to enhance its capabilities and accelerate its automated driving technology commercialisation. With the Volkswagen Group’s software company CARIAD, Audi is driving the introduction of that technology forward at full speed and TTTech Auto is an important partner along this path.”