TTTech, an Austria-based developer of networked safety control technology, secured €50m ($55m) in funding yesterday from industrial conglomerate General Electric, semiconductor maker Infineon Technologies and automotive company Audi.
Spun out of Vienna University of Technology in 1998, TTTech specialises in safety and real-time technology for network control systems in a range of sectors including the automotive, aerospace, off-highway and energy industries.
Audi took a minority stake in TTTech in 2006, the same year as private equity fund Aeris Capital invested €20m in the company. Athena Wien Beteiligungen provided a further €4m the following year.
In addition to its financial contribution, Audi has been a technical partner of TTTech since 2001.
Ulrich Hackenberg, a board member at Audi overseeing technical development, said: “The new Audi A8, which we plan to launch in 2017, will be the first model to make the transition from assisted to piloted driving. The capital increase in TTTech strengthens our strategic technological roadmap towards piloted driving in series production.”
Jochen Hanebeck, president of Infineon’s automotive division, added: “Infineon and TTTech see significant potential for synergies by bringing together TTTech’s leading safety control and robust networking technology with Infineon’s world-class microcontrollers.”
General Electric invested in TTTech through its GE Ventures unit. The funding will support growth in TTTech’s core markets, as well as an increased focus on the industrial internet of things and autonomous driving car sectors.