After Spanish carpooling and multi-mobility company Cabify received a €40 million loan from the European Investment Bank (EIB) for its fleet decarbonisation project last week, Finnish technology company autonomous driving vehicle Sensible 4 received an 8 million euro loan from the EIB. The funding will allow the platform to further develop its software that enables vehicles to operate in the toughest weather conditions including snow, heavy rain, fog and sandstorms.
The startup previously landed $7 million in Series A funding in 2020.
The EIB is making a series of investments in the automotive industries and in the charging infrastructure needed to improve the supply of emission-free urban mobility in cities. Autonomous driving contributes to sustainable transport, reducing the number of traffic accidents and the emissions of carbon dioxide and pollutants. It also provides a solution to the shortage of public transport and logistics drivers in Europe.
Speaking about the funding, Harri Santamala, CEO of Sensible 4, said: “EIB sees the potential in our technology and is funding us at this early stage. The money helped us finalize our core product and will now help us continue pre-production with our non-exclusive partners, targeting mass production.
Autonomous vehicles also provide a solution to the acute shortage of drivers in Europe. Expanding public transport and increasing logistics would require even more drivers, and an autonomous fleet with remote operations is a great way to solve this problem, he added. According to the company, the first Sensible 4 product is ready for pre-production.
According to EIB Vice-President Thomas Östros, the automotive industry, including autonomous driving, is going through a radical transformative revolution with great potential to reduce the carbon footprint of transport. “Our funding for Sensible 4 will help it solve the widely recognized problem of autonomous operations in poor weather conditions.”