Finnish startup gets 8 million euros to drive autonomous vehicles in bad weather
Following the Spanish amusement and multi-mobile campaign Cabify received a loan of 40 million euros from European Investment Bank (EIB) for its fleet decarbonisation project just last week, the Finnish Autonomous Technology Management Company Smart 4 received a loan from the EIB of 8 million euros. Funding will allow the platform to further develop its software, which allows vehicles to operate in the most challenging weather conditions, including snow, heavy rain, fog and sandstorms.
The startup was earlier received $ 7 million in Series A funding in 2020.
The EIB is investing heavily in the automotive industry and in the necessary charging infrastructure to improve urban emission-free mobility in cities. Autonomous management contributes to the development of sustainable transport by reducing the number of traffic accidents and emissions of carbon dioxide and pollutants. It also addresses the shortage of public transport and logistics drivers in Europe.
Speaking of funding, Harry Santamala, CEO of Sensible 4 said: “The EIB sees potential in our technology and is financing us at this early stage. The money has helped us complete our base product and will now help us continue to prepare for production with our non-exclusive partners, focusing on mass production. ”
Self-driving vehicles also brings a solution to the acute shortage of drivers in Europe. Expanding public transport and increasing logistics will require even more drivers, and a remote-controlled fleet is a great way to solve this problem, he added. According to the company, the first Sensible 4 product is ready for production.
According to the EIB Vice President Thomas Estras, the automotive industry, including autonomous management, is undergoing a revolution of radical transformation with high potential to reduce carbon emissions from transport. “Our funding for Sensible 4 will help it solve the well-known problem of stand-alone operations in bad weather.”