MUNICH -- Fast-growing Hungarian automated driving technology company AImotive, which supplies PSA Group and three other top 10 global automakers, will expand its operations to Munich and Detroit after receiving $20 million in fresh funding.
The new investment comes from Lead Ventures, a Hungary-based venture capital firm based that finances startups in Central Europe.
Since its founding in 2015, AImotive has received more than $70 million from investors such as Robert Bosch Venture Capital, Nvidia and Samsung Catalyst Fund, the company said.
AImotive's client list also includes U.S. chipmaker ON Semiconductor and Japanese electronic specialist Kyocera.
"Most of our customers are automakers and Tier 1 suppliers," AImotive CEO and founder Laszlo Kishonti and 2019 Automotive News Europe Rising Star said.
He could not say which other automakers AImotive is working with because the companies have not given him permission to mention them by name.
Kishonti told ANE that AImotive's goal is to make sure that automated driving is not just for luxury vehicles as he sees huge life-saving benefits from providing the technology to as many vehicles as possible.
To achieve this he said AImotive keeps finding ways to borrow from its most advanced solutions to help make driver assistance features such as lane keeping even safer and more reliable.
AImotive employs more than 220 people. The majority of them are engineers working at the company's headquarters in Budapest, where the bulk of AImotive's development happens. AImotive also has offices in Mountain View, California, and Yokohama, Japan.
PSA driver-assist tech supplier to expand to Munich, Detroit
AImotive's focus is on deploying automated driving technologies to highway driving. Therefore, it is testing its self-driving solutions on highways in Europe, the United States and Asia.
