INSIGHTS / News

Scale-Up member Chassis Autonomy has been selected from more than 1,000 European start-ups to receive a share of €470 million in funding.

From a final line-up of 240 applicants, Chasis Autonomy was selected as one of only 78 companies awarded funding in the form of grants and equity investment from the European Innovation Council (EIC). This funding will be used over the course of the next two years 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, Chassis Autonomy’s 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 the safe deployment of autonomous vehicles and this award is further evidence of the EU’s 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.”