More news about embotech AG

Embotech secures CHF 2.5M in an oversubscribed post-seed round

21.02.2019 09:32

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Autonomous car

Zürcher Kantonalbank, angel investors and the Conzzeta group have fundraised CHF2.5 million for Embotech to realize its ongoing growth and expansion plans. The Zurich based startup develops software solutions for autonomous vehicles.

Embotech’s embeddable software empowers autonomous systems to make decisions by solving complex optimization problems in milliseconds, bringing significant improvements in safety, productivity and energy efficiency. Their numerical core software tool FORCES PRO is based on physical models, using a deterministic mathematical approach with numerical optimization. Current applications include automotive, industrial and aerospace solutions.

Last year Embotech celebrated its fifth anniversary and the milestones achieved such as the team growth to 21 employees and the single-digit millions of francs in revenues. The startup also completed major current projects; 12 Proof of Concept (PoC) projects with OEMs and Tier1s in the automotive segment, aerospace projects with the European Space Agency (ESA) that are expected to fly the first demonstration vehicles within 2019. Further, the company conceived several industrial projects in wind turbine, laser cutting and robotic arm motion optimization.

To build on these achievements, Embotech has secured capital from a consortium of existing investors including Zürcher Kantonalbank and angel investors, and new investors including the Conzzeta group. The CHF2.5M funds will fuel growth in the automotive, aerospace and industrial solutions segments. Andreas Kyrtatos, Embotech’s CEO revealed that the company’s plans include, for the automotive industry, the development Motion Planning software for autonomous vehicles and Energy Management software with European and US OEMs while for the industrial automation sector, the company will build a robotic arm motion-optimization software.

The funds will enable the company to make progress with its ongoing expansion plan, which will continue throughout 2019 and 2020.

“We are delighted that existing investors have decided to continue to support Embotech and warmly welcome the backing of Conzzeta group and new investors in this oversubscribed round. We are confident that these funds will allow us to carry out our growth plans and make the company highly profitable in the near future”, says Juan Jerez, co-founder and Chairman of the Board of Directors at Embotech.

(Press release/RAN)

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