The next few years will be critical and challenging for the automotive industry as it transitions from automation to semi-autonomous driving. A Vienna-based automotive safety software provider TTTech offers solutions for the challenges faced by future generations of vehicles.
Becomes a unicorn!
In a recent development, TTTech closed $285 million funding from Aptiv PLC and Audi. While $228 million came from Aptiv, the other $57 million were pumped in by Audi. With this funding round, TTTech attained unicorn status as its valuation surpassed the $1 billion milestone. This is the second unicorn from Austria in 2022 with the first one being GoStudent. The deal awaits regulatory approval and will be closed in a couple of months.
The fund will enable TTTech Auto to accelerate progress in three strategic areas. It will expand its product portfolio including MotionWise for automotive manufacturers and its technology partners. Also, it will focus on expanding internationally in key regions with a focus on Asia. TTTech Auto will hire talent in software and safety engineering, strategic product management, and business development in Europe, North America and Asia. Lastly, the company will extend its capabilities through strategic M&A and product investments.
Georg Kopetz, CEO, TTTech Auto: “This funding will strengthen our position as a leader in automotive safety software and significantly increase our global footprint.”
Kevin Clark, President and CEO, Aptiv: “This investment further advances our software strategy, and adds to Aptiv’s full-stack capabilities, enabling customers to democratize advanced safety systems faster and at a lower cost.”
Markus Duesmann, CEO, AUDI AG: “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.”
Aptiv becomes a shareholder
With this investment round, Aptiv becomes another highly successful and important shareholder of TTTech Auto alongside Audi, Samsung Electronics, Infineon Technologies and the founder-led TTTech Group. This highlights the company’s strong position with its safety software platforms in the emerging software-defined mobility space for automotive use and the value it brings to the market.
Moreover, Aptiv, Audi and TTTech Auto have a shared track record. These companies have already worked together on Audi’s central driver assistance controller for automated driving. The fruitful collaboration on this platform received the Automotive News PACE Award in 2019.
MotionWise safety software platform
TTTech’s flagship product MotionWise is a safety software platform that supports car manufacturers in shortening the development cycles for software-defined cars. MotionWise helps unleash the full potential of automated driving solutions, while offering many technological and commercial benefits. At the same time, it guarantees safety across all functionalities of cars. Currently, two million vehicles drive safely using the MotionWise platform.
This safety platform of the Austrian company will be made available for all car manufacturers as an open, modular and standards-based platform. Specific tools will let car makers accelerate the process of software development dramatically from the planning phase to series production. Also, there will be feature over-the-air updates post sales.
Ensures robustness and safety
TTTech was established in 1998 as a spin-off of the Vienna University of Technology (TU Wien). The newly formed unicorn specialises in safe software and hardware platforms for automated driving and beyond, applicable in series production programs. TTTech Auto ensures safety and electronic robustness for a more automated world.
Founded by Georg Kopetz and Stefan Poledna, the company already operates the joint venture company Technomous in China together with SAIC Motor Corporation, which is the largest Chinese car manufacturer in this automotive market.