Embotech Raises CHF 2.5m to Expand its Autonomous Systems Software
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Embotech AG, which makes software to help autonomous vehicles drive and park safely, raised 2.5 million Swiss francs from investors including Conzzeta AG and Zuercher Kantonalbank AG to expand its automotive, aerospace and industrial businesses.
The Zurich-based company, which won Venture Leaders Technology in 2016 and ranked at the TOP 100 Swiss Startup Award last year, uses physics and proprietary algorithms to ensure autonomous systems make safe decisions in milliseconds.
"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”, Juan Jerez, embotech co-founder and chairman, said in an emailed statement.
Five-year-old embotech, which has 21 employees, is working on 12 proofs of concept with automotive indstury equipment makers and sub-contractors, as well as an aerospace project with ESA BIC Switzerland due to fly this year.
“Venturelab is an important facilitator in the Swiss startup ecosystem, especially for deep tech companies like Embotech,” said Alexander Domahidi, embotech’s co-founder and chief technology officer. “Venturelab provides access to valuable contacts and networks through its Venture Leaders program and the ESA Business Incubation Centre, which was a key stepping stone for us.”
“Venturelab is an important facilitator in the Swiss startup ecosystem, especially for deep tech companies like Embotech,” said Alexander Domahidi, embotech’s co-founder and chief technology officer. “Venturelab provides access to valuable contacts and networks through its Venture Leaders program and the ESA Business Incubation Centre, which was a key stepping stone for us.”
