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Founded in 1998 as a spin-off of the Vienna University of Technology, TTTech has grown into one of the most important companies in the field of autonomous vehicles in the last 22 years. The European Investment Bank (EIB) has recognized this and has now given TTTech Auto € 30 million to finance the growth of the company. The money is given in the form of a loan.
TTTech Auto is the division within the group that develops the MotionWise safety software platform for autonomous driving. “Europe needs this long-term public financing strategy in combination with a well-functioning capital market to develop strategic technology groupings and leadership positions in the global market,” said Harald Triplat, CFO of TTTech Auto. “It is crucial for Europe and TTTech Auto to play a global leading role in the future of more automated and software-defined vehicles with the highest level of safety.”
Wiener TTTech intervenes in the investment of the private B&C foundation
„With this financing we are supporting a flourishing European company that is active in a demanding technology segment, ”said EIB Vice-President Thomas Östros. “Innovation and perseverance are the keys to sustainable growth and the creation of quality employment.”
Increasingly important automobile division
Currently, the TTTech group is growing very strongly. In 2020 alone 450 new employees were added, and now there are about 2,300 in total. 1,200 people now work in the automobile division. This year, a separate Car.OS unit was also released. The goal of this is to develop your own car operating system. The money will be used to achieve a 25 percent market share in Tier 2+ and Tier 3 for autonomous cars by 2025. TTTech Auto now also provides around half of the sales – € 190 million to € 200 million should be in 2020.
The company is aiming for an IPO, which has been speculated over and over again, in 2023 at the earliest. The most important partners of the Viennese company are Audi, VW, BMW, Hyundai and SAIC, the largest Chinese automaker. There are also big names among previous investors: Samsung, Infineon and GE Ventures.
TTTech: “The car becomes a cocoon, a third space between work and private life”
