Welcome again car lovers to another low down on the hottest investments in the automotive market in the EMEA. Today, we will be exploring investment flows into electric vehicles, autonomous vehicles and connected vehicles as well as related investments across all three top investment segments.
Marine electric vehicles are popping up on the radar, while technology-induced pollution is being reduced through strategic initiatives. Sit tight as we bring you the autotech areas receiving the patron’s moneybag this quarter.
Electric vehicles: in Q2 2023, the EV segment generated $403 million.
Autonomous vehicles: $46.3 million went to companies across Europe for the furtherance of autonomous vehicle technologies.
Connected vehicles: this sub-segment magnetized $21.8 million in funding as users become more confident of the benefits of connecting automobiles with one another, other vehicles and roadside infrastructure.
Charging station networks: Driveco and Service4Charger, combined, enjoyed an inflow of $284.9 million from the autotech segment under electric vehicles. Driveco operates from France and hopes to bring electric mobility within everyone's reach using renewable-energy vehicle charging. Service4Charger is a German electromobility company providing charging equipment manufacturing, installation and maintenance. They receive venture funding from the likes of BP and Energie360. Other top businesses in the autotech sub-segment related to EV charging stations include Fuuse, Virta. Marine EV is currently attracting investor interest.
Simulation solutions for autonomous vehicles: the beneficiary of $43 million in funding for simulation solutions is Foretellix, an Israeli company committed to developing and supplying simulation-based testing devices for automated driving systems and autonomous vehicles. This investment represents 93% of the total amount outlayed for autonomous vehicle development in Q2 2023. Central to Foretellix's operations is cybersecurity through automotive verification to enable large-scale deployment.
Navigation solutions: Heads up display and augmented reality solutions look promising as they attracted $21.8 million in venture support. This quarter, EyeLights absorbed the entire amount allocated to navigation solutions. The French technology company produces the Eye-Ride smart helmet - a heads up display (HUD) unit that places your music, GPS and calls in front of your field of view in a way that does not interfere with your vision while riding your bike.
Let’s barrel down some more and examine specific companies receiving the most funding this quarter:
Driveco: the French electromobility brand $247 million - the highest of the bunch - from investors.
Virta: This cloud-based management solution for EV charging stations scored $71.9 million from investors.
Foretellix: the autonomous vehicle system verification simulation platform just got $43 million in venture equity funding.
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Business expansion moves: It would interest you to know that the United States is looking to break into Germany’s auto market. Amercian Battery Solutions Inc…
Partnerships: automotive meets construction as Volvo teams up with Heidelberg Materials to help reduce carbon emissions in the construction sector.
Initiatives: in the spirit of corporate social responsibility and ethical organizational management, Terrafame and Fortum and aligning their resources to recycle battery materials to improve the sustainability of the Finnish battery cluster.
Do you want to see more automotive sector stories and initiatives emanating from the EMEA? Stay tuned for the latest updates as we frequently furnish our followers with all the crunchiest investment opportunities in the auto-sphere.
