Automotive software firm TTTech Auto to raise $285 million investment from Aptiv and Audi
VIENNA–(BUSINESS WIRE)–TTTech Auto, a Vienna-based technology leader in automotive safety software, raised $285 million (€250 million) from Aptiv PLC (NYSE: APTV) and Audi in its last round of funding. Aptiv is investing $228 million (€200 million), while Audi is increasing its existing stake by $57 million (€50 million). With this latest round of funding and a valuation of over $1 billion, TTTech Auto confirms its strong position among a growing number of automotive tech unicorns. The transaction is subject to regulatory approval and is expected to close within the next two months.
With Aptiv, another highly successful and significant technology leader is part of TTTech Auto’s blue chip shareholder base alongside Audi, Samsung Electronics, Infineon Technologies and the founder-led TTTech Group. This underscores the company’s strong position with its security software platforms in the emerging automotive software-defined mobility space and the value it brings to the market.
This investment will enable TTTech Auto to accelerate progress in three strategic areas: expanding its product portfolio for automakers and technology partners, expanding internationally in key regions, and expanding capabilities through mergers and strategic acquisitions and product investments.
Expanded product portfolio: TTTech Auto will apply the new funding to its flagship product, the MotionWise safety software platform, to help automakers shorten development cycles for software-defined cars, while ensuring safety across all car functions. To date, around two million vehicles are already driving safely thanks to MotionWise. The security platform will be delivered as an open, modular and standards-based platform. Specific tools will enable automakers to dramatically speed up the software development process from the idea stage to mass production, including live, aftermarket feature updates.
Growth in key regions: Over the next few years, TTTech Auto plans to create hundreds of additional high-tech jobs around the world. Expansion plans include international growth with a strong focus on Asia. In China, TTTech Auto already operates the Technomous joint venture with SAIC Motor Corporation, China’s largest automaker in this increasingly important automotive market. TTTech Auto will hire talent in software and security engineering, strategic product management and business development in Europe, North America and Asia.
Build leadership capabilities in security technologies: TTTech Auto will continue its M&A strategy by acquiring complementary products, technologies and services to meet the ever-increasing safety needs of automakers as the industry reaches new levels of automation on the road to autonomous driving and the complexity of the car’s software functions. increases.
Georg Kopetz, CEO, TTTech Auto: “The next few years will be crucial for the entire industry in the transition from automation to semi-autonomous driving and the software-defined vehicle. With MotionWise, we support this industry transformation as an independent company with the most advanced security software platform on the market. This funding will strengthen our leadership position in automotive safety software and significantly increase our global footprint. »
Kevin Clark, President and CEO, Aptiv: “Since 2017, Aptiv and TTTech Auto have successfully deployed security software systems in vehicles of various Volkswagen Group brands. TTTech Auto’s expertise in providing end-to-end real-time behavior for safety-critical systems complements our software platform to accelerate development, integration, testing and validation. This investment advances our software strategy and adds to Aptiv’s comprehensive capabilities, enabling customers to democratize advanced security systems faster and at lower cost.
Marcus DuesmanCEO, AUDI AG: “Audi and TTTech Auto have a long-standing strategic partnership in the development of automated driving technology. We now look forward to expanding this successful cooperation as TTTech Auto partners with Aptiv to enhance its capabilities and accelerate the commercialization of its automated driving technology. Together with the software company CARIAD of the Volkswagen Group, Audi is pushing the introduction of this technology at full speed and TTTech Auto is an important partner on this path.
Aptiv, Audi and TTTech Auto have a common track record: the three companies worked together on Audi’s central driver assistance controller for automated driving. The successful collaboration on this platform was rewarded with the Automotive News PACE award in 2019.
JP Morgan AG was sole placement agent for TTTech Auto and DORDA Rechtsanwälte GmbH acted as legal advisor.
Goldman Sachs & Co. LLC acted as financial advisor to Aptiv and Clifford Chance Partnerschaft mbB and Binder Grösswang Rechtsanwälte GmbH advised Aptiv on the legal aspects of the investment.
Freshfields Bruckhaus Deringer Rechtsanwälte PartG mbB, Vienna advised Audi on the legal aspects of the transaction.
Images and background information are available under the following link:
– Portrait Georg Kopetz, CEO of TTTech Auto
– Profile Kevin Clark, CEO of Aptiv
– Portrait Markus Duesmann, CEO AUDI AG
– Visual: TTTech Auto + APTIV + Audi Cooperation
– Visual: TTTech Auto – MotionWise
– Visual: TTTech Auto – technology leader in automotive safety software
About TTTech Auto
TT Tech Auto provides solutions to the challenges of future generations of vehicles. The company specializes in secure software and hardware platforms for automated driving and beyond, applicable in mass production programs. With its advanced technological solutions, TTTech Auto ensures safety and electronic robustness for a more automated world.
TTTech Auto was founded in 2018 by the TTTech Group and technology leaders Audi, Infineon and Samsung with an initial investment of €75 million from Samsung to build a global and safe automotive software platform for automated and autonomous driving. At TTTech Auto’s headquarters in Vienna, Austria, and more than 10 locations in Europe, the United States and Asia, 1,200 employees work with a number of major automakers on their ADAS and autonomous driving programs. The company has in the past acquired technology companies in Spain, Turkey and Central and Eastern Europe. www.tttech-auto.com
Aptiv PLC is a global technology company that develops safer, greener and more connected solutions enabling a more sustainable future of mobility. With more than 180,000 employees strategically located to serve customers worldwide, Aptiv solves the industry’s toughest challenges with scalable, intelligent platforms that accelerate the transition to software-defined electric vehicles. To learn more about the company’s unique brain and nervous system portfolio and commitment to sustainability, visit aptiv.com.
the Audi Group is one of the most successful automobile and motorcycle manufacturers in the premium and luxury segments. Together with its brands Audi, Ducati, Lamborghini and, since January 1, 2022, Bentley, it constitutes the group of premium brands within the Volkswagen group. Its brands are present in more than 100 markets worldwide. Audi and its partners produce automobiles and motorcycles at 21 sites in 13 countries.
In 2021, the Audi Group delivered approximately 1.681 million Audi-branded cars, 8,405 Lamborghini-branded sports cars and 59,447 Ducati-branded motorcycles to customers. More than 85,000 people worldwide work for the Audi Group, including around 58,000 in Germany. With its attractive brands, new models, innovative mobility offers and forward-thinking services, the premium brand group is steadily pursuing its path to becoming a provider of sustainable, individual and premium mobility.