Another great news from our alumni startup Toposens! Just little over a month ago the Munich-based startup from our Batch #3 announced raising a new round of funding, and last week the startup received €2.5 million from the European Union Horizon 2020 Program.
Toposens has developed a 3D ultrasonic sensor technology that perceives its environment via the principle of echolocation – like a bat. This technology is ideal for autonomous technologies and industrial applications, and the company has already implemented and tested their technology in various projects with well-known customers like BMW, Continental, and Daimler. In addition to the funding the startup secured on early May this year, last week the company announced that they have received six-figure funding from the European Union Horizon 2020 Program. The funding will be used to further develop the startup’s technology for the autonomous driving market. The planned improvements include waterproofing to IP standards, enhancing close-range detection and supporting autonomous driving functions such as ADAS.
Horizon 2020 program is the biggest EU Research and Innovation program ever existed and is aimed to secure Europe’s global competitiveness. The program’s goal is to ensure smart, sustainable and inclusive economic growth by connecting research to innovation and focusing on three key areas: excellent science, industrial leadership, and societal challenges. In addition to support that Europe produces world-class science and technology, it also aims to make it easier for the public and private sectors to work together to deliver solutions to big challenges facing our society. Read more about the Horizon 2020 program and how to apply for the funding here.
Tobias Bahnemann, CEO of Toposens, states in their press release that together with their recent investment round, the company is now in a very good position to successfully introduce their technology to the mass market in the foreseeable future. The previous funding round that was closed last month was led by their existing investor ALPANA Ventures and joined by new investors Basinghall Partners and In-Q-Tel, Inc. Read our post about the previous funding round here.
Congratulations once again to Toposens!