EIB supports AImotive develop artificial intelligence-based system for self-driving carsStaff Writer | December 14, 2018
European Investment Bank (EIB) will provide a EUR 20 million venture debt loan to Hungarian tech company AImotive for research and development of its innovative artificial intelligence-based systems for self-driving cars.
Europe AImotive aims to become a leading software and services provider
The EIB loan, backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe (the Juncker Plan) will allow the 200-strong company to scale up operations in the rapidly evolving autonomous driving segment and expand its customer base of OEMs, Tier1s and mobility services companies.
AImotive will also be able to further mature its technology and bring safe, automotive grade versions of its product suite to the market.
The company’s offering includes a modular, AI-based software for self-driving cars, a virtual simulation environment to help accelerate the test and verification of self-driving technologies and a chip IP for high-performance, low-power AI-optimised computing.
The deep understanding the company has of all branches of autonomous driving has facilitated its collaboration with key automotive and technology partners. ■