Trollhättan, Sweden, 19th December 2022:
Chassis Autonomy (CA) has been selected from more than 1,000 European start-ups to receive a share of €470 million in funding. Of the total applicants, 240 were interviewed at the final stage by juries of experienced investors and entrepreneurs with only 78 companies awarded funding in the form of grants and equity investments, with which to accelerate the development of highly innovative technologies that have been deemed to be strategically important to the EU.
Having progressed unhindered through the application process, CAs patent pending innovation has been awarded the full €2.5 million grant that was applied for. In addition, the EIC has also committed to an equity investment of €4 million to be matched by a private or corporate investor.
Thomas Li, co-founder and CTO of Chassis Autonomy said,
“This award shows that the EIC is serious about accelerating the safe deployment of autonomous vehicles on European roads. In autonomous vehicles where a human driver is no longer available as the final line of redundancy; our fault tolerant, fail-operational steering system ensures steering functionality and availability even in the event of a vehicle or system fault. It will set the new state-of-the-art for critical actuation systems and enable the safe unrestricted operation of autonomous vehicles on the world’s roads.”
“The release of article EU 2021/1426 earlier in the year was a clear commitment from the EU to lead the world in regulating for the safe deployment of autonomous vehicles and this award is further evidence of the EUs focus on underpinning safety in this strategically important sector.”
Peter Johansson, co-founder and CEO of Chassis Autonomy added,
“We wish to thank the EIC for their belief in Chassis Autonomy and I am extremely proud of what the CA team has achieved in the last 14 months. Our technology is a key enabler for the unrestricted operation of autonomous vehicles that will ultimately benefit all areas of society through the provision of safe, sustainable and cost-effective transport. We look forward to implementing the EIC funding to accelerate the development of our technology towards series production and establishing Europe as our base for advanced engineering.”
In summing-up, the EIC jury noted the strategic importance of CAs innovation to the EU’s autonomous vehicle sector, and that the award funding would de-risk CAs overall value proposition for raising additional investment from private and corporate investors as part of the go-to-market strategy.
About Chassis Autonomy
Chassis Autonomy is a deep technology start-up with its headquarters in Trollhättan, Sweden and an R&D centre in London, United Kingdom. Chassis Autonomy’s vision is to enable true autonomous mobility through the development of fail-operational, steer- and brake-by-wire systems that will define the new state-of-the-art for safe actuation systems that are used in highly automated and fully autonomous vehicles.
For more information, please visit chassisautonomy.com.
About the EIC Accelerator
The European Innovation Council is Europe’s flagship innovation programme to identify, develop and scale up breakthrough technologies and game changing innovations. The EIC has been established under the EU Horizon Europe programme; it has a budget of €10.1 billion to support game changing innovations throughout the lifecycle from early-stage research, to proof of concept, technology transfer, and the financing and scale up of start-ups and SMEs.
The EIC Accelerator offers start-ups and SMEs grants of up to €2.5 million combined with equity investments through the EIC Fund ranging from €0.5 to €15 million. In addition to financial support, all projects benefit from a range of business acceleration services that provide access to leading expertise, corporates, investors and ecosystem actors.
For more information, please visit eic.ec.europa.eu.
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