AImotive becomes most-funded automated driving software supplier in Europe
AImotive, an automated driving technology company, announced a new investment round of $20 million led by Lead Ventures, a Budapest-based scale-up investor. With the fresh capital, the company says it has become the largest VC-backed company developing automated driving technology in Europe, with total funding of $75 million. Existing investors such as Robert Bosch Venture Capital, B Capital Group, Prime Ventures, Inventure, Samsung Catalyst Fund, and Draper Associates increased the size of their investment and were joined by new investors—Lead Ventures and Szechenyi Venture Fund—to support the future growth of the company.
Building on the additional funding secured with the latest $20 million investment, AImotive says it will continue its international expansion by opening offices in Munich, Germany, and Detroit in the U.S. With these new locations, the company says it will be able to provide enhanced support for its automotive partners in these key regions.
The company says it will also accelerate its efforts to ensure that automated driving is not only a feature of luxury vehicles, but also a life-saving technology that is available to all. Current development efforts are focusing on deploying automated driving technologies to highway driving, taking over from drivers on long rides, or deploying emergency technologies that serve to mitigate or avoid accidents. The company is also working to further advance its automated valet parking solution. The technology aims to save drivers from the hassle of parking completely, by allowing them to exit their vehicle at the entrance of supported parking lots.
“Securing funding during the recession caused by the current pandemic underlines the high demand for and trust in AImotive’s technologies that tackle the challenges of automated driving through a system approach,” said László Kishonti, Founder and CEO of AImotive. “By not only concentrating on one piece of the automated driving puzzle, we have developed working solutions that solve real-world problems and can be deployed quickly. I am grateful to our investors for their support in the next phase of our growth.”
The company has also announced a new addition to its Board of Directors. Bernhard Bihr joins the board with 15 years of experience as President at Bosch Engineering GmbH. Under his leadership, Bosch Engineering grew from a team of 375 to over 3800 people, including growth from several acquisitions.
“AImotive is in a unique position to support its partners with widespread expertise on all fronts of automated driving,” said Bihr. “They are also at the forefront of the technological revolutions sweeping the industry, as software becomes the key pillar of value. The fundamental challenges AImotive solves will define the next age of the automotive industry. I look forward to being a part of their journey.”
For more information, visit aimotive.com.