Self-driving technology company Sensible 4 has received an €8 million loan from the European Investment Bank (EIB).
Finland-based Sensible 4 has developed autonomous driving software that works under challenging weather conditions such as snow, fog and sandstorms.
The loan is part of the European Guarantee Fund’s initiative to help provide funding to small and medium-size companies impacted by the pandemic.
Harri Santamala, CEO of Sensible 4, says: “We are excited that the EIB sees the potential in our technology and is financing us in this early stage. The money has helped us finalize our baseline product and will now help us continue to pre-production with our non-exclusive partners, targeting mass-production.”
He adds: “On top of how shared, autonomous and electric transport is a sustainable option, self-driving vehicles also bring a solution to the acute driver shortage in Europe. Expanding public transport and increasing logistics would require even more drivers, and a self-driving fleet with remote operations is a great way to solve that problem.”
Thoms Östros, EIB vice president, says: “The automotive industry, including autonomous driving, is going through a radical transformation revolution with a high potential to reduce the carbon footprint from transport. Our financing for Sensible 4, a leader in addressing the widely recognized problem of autonomous operations in bad weather conditions, shows the EIB’s commitment to supporting European innovation leaders and more sustainable transport methods.”
Cabify recently received a €40 million loan from the EIB to roll out a fleet of electric vehicles.