AImotive becomes the most-funded automated driving software supplier in Europe
Latest investment round secured despite COVID-19 lockdowns around the world
Budapest, Hungary – AImotive, the automated driving technology company, today announced a new investment round of USD 20 million led by Lead Ventures, a Budapest based scale-up investor. With the fresh capital AImotive has become the largest VC-backed company developing automated driving technology in Europe, with total funding of over USD 70 million. Existing investors such as Robert Bosch Venture Capital, B Capital Group, Prime Ventures, Inventure, Samsung Catalyst fund and the 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 USD 20 million investment, AImotive will continue its international expansion by opening offices in Munich, Germany, and Detroit, MI, USA. With these new locations, the company will be able to provide enhanced support for its automotive partners in these key regions.
AImotive 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 and boring drives, 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. 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” –László Kishonti, founder and CEO of AImotive is emphasising.
The company has also announced a new addition to its Board of Directors. Bernhardt 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 300 to over 3000 people, including growth from several acquisitions. Bernhardt Bihr brings strong strategical and project-based thinking supported by decades of automotive experience to the company.