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November 16, 2006
Austria's TTTech Raises €20M To Support Growth
Germany's Firstventury has invested €20M in TTTech Computertechnik, a nine year old Austrian electronics company, that is specialized in developing ultra-reliable control systems and x-by-wire protocols for the aviation and transport sector. Austria's Wirtschafftsblatt got the scoop earlier this month.
The firm employs 150 and this is its first round of institutional investment. It is an unusual deal for Firstventury as it typically enters a portfolio firm's equity at the very early stage, but Niall Davis, a partner at Firstventury, told the a:c euro that it was an opportunity too good to pass on. Several of its LPs co-invested with Firstventury to boost the size of the round.
TTTech, founded in 1997, is doing about €13M a year in sales, he said, and was originally a spinoff of the University of Vienna. The new capital is meant to enable the company to meet its production and support requirments on the back of getting some design-in wins with big name transportation industry customers. It will also invest in developing new markets for its technologies.
TTTech Licenses To Chip Manufacturers, Makes Its Own Systems, And Sells Supporting Software
Its founder is a pioneer in communications protocols for the x-by-wire category, a tech that is meant to make automobiles, airplanes, tractors, and other vehicles lighter by getting rid of some of the hardware required for steering and braking, for example. The company has several business units targeting other related applications.
The car manufacturer Audi also acquired a minority stake in the company. Audi was a reference customer signed on back in 2001.
Read - Audi und firstVentury beteiligen sich an TTTech (wirtschafftsblatt)
Posted on November 16, 2006 08:06 AM | Posted to News And Updates | Permalink
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