Industrial holding group B&C has paid an undisclosed sum for a 9% stake in Austria-based networked safety control systems developer TTTech through its investment arm B&C Innovation Investments.
TTTech has developed networked safety control systems to make industrial and transport electronics systems safer and more reliable. It was spun out from TU Wien, the university then known as Vienna University of Technology, in 1998.
The company established a new subsidiary called TTTech Auto earlier this month that will focus on the continued development of its autonomous driving software. It also recently formed a collaboration agreement with carmaker BMW.
The round followed an $89m investment in TTTech in September 2017 by Samsung Automotive Innovation Fund, the connected and autonomous car-focused investment vehicle owned by electronics producer Samsung.
The company had previously secured $55m of funding from car manufacturer Audi, chipmaker Infineon Technologies and power and industrial technology conglomerate General Electric in 2015.
Audi first become a minority shareholder in TTTech in 2006, the same year that private equity fund Aeris Capital injected $25m. Private equity firm Athena Wien Beteiligungen subsequently provided $5.3m for the company in 2007.
– The original version of this article appeared on our sister site, Global University Venturing.