Germany-based engineering services provider ASAP Holding has raised an undisclosed sum from automotive parts manufacturer ZF Friedrichshafen, which took a 35%-plus stake in the deal.
ZF Friedrichshafen conducted the transaction through its corporate venturing unit, Zukunft Ventures.
ASAP owns a group of nine companies that specialise in development and engineering services focused on areas such as autonomous driving, connectivity and electric cars. It offers software development, virtual testing of systems and onboard network development.
The company will use the funding to advance development of its technologies. ZF’s investment is in line with a corporate strategy to commit approximately €12bn ($13.7bn) to electromobility and autonomous driving technologies over the next five years.
Torsten Gollewski, general manager of Zukunft Ventures and head of ZF’s advanced development department, said: “As an established development partner, ASAP Group has extensive expertise in the areas of autonomous driving, e-mobility, connected cars and vehicle software.
“This participation allows us access to human resources from an outstanding engineering services provider with extensive industry experience and special expertise in testing and validation. We look forward to working with the team at ASAP in order to develop forward-looking mobility solutions for series production.”
