TTTech, a Vienna, Austria-based technology leader in networked safety controls, raised €50m in funding.
Backers included General Electric (GE Ventures) and Infineon Technologies AG and existing shareholder AUDI AG.
The company intends to use the proceeds to accelerate growth with its safety certified solutions in its core markets as well as to enable new propositions and global support for its customers in the Industrial Internet of Things and autonomous driving car markets.
Co-founded and led by Stefan Poledna and Georg Kopetz, TTTech provides products for networked computer control systems by using advanced safety and real-time technology. Its certified hardware and software solutions based on Deterministic Ethernet are deployed and proven in demanding production programs in the automotive, aerospace, off-highway and energy industries. These include platform solutions for applications ranging from the Boeing 787 and the new NASA Orion spacecraft to various car models of Volkswagen Group.
The company, which has achieved revenues of €52.6m in 2014, employs approximately 400 qualified professionals and operates offices in 10 countries in Europe, North America and Asia.