Finnish self-driving technology company raises €8 million in debt funding

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Start-up based in Espoo Reasonable4 received an €8 million loan from the European Investment Bank (EIB) to provide sustainable solutions to traffic accidents, carbon dioxide and polluting emissions. With its autonomous driving technology, the Finnish company enables manufacturers to make any vehicle driverless, even in all weather conditions. This capital injection further helps them in the pre-production phase before moving to mass production.

Self-driving tech company Sensible 4 receives €8 million to boost sustainable transport

Sensible 4’s software enables vehicles to operate in the toughest weather conditions including snow, heavy rain, fog and sandstorms. 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.

The European Investment Bank (EIB) has provided an €8 million loan to Sensible 4 Oy, an innovative Finnish self-driving technology company that offers comprehensive and flexible self-driving software. The software allows autonomous and assisted-driving vehicles to operate in harsh weather conditions, including snow, heavy rain, fog and sandstorms, even without well-marked lanes. The loan is part of the European Guarantee Fund’s risk debt product to provide liquidity to small and medium-sized businesses affected by the pandemic.

“We are delighted that the EIB sees the potential of 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,” said Harri SantamalaCEO of Sensible 4. The first Sensible 4 product is ready for pre-production.

The introduction of autonomous driving technologies could help reduce the number of traffic accidents, which are mainly caused by human error, and accelerate the adoption of zero-carbon vehicles, especially in urban areas, thereby reducing carbon dioxide and polluting emissions.

Discussing the challenges Sensible 4 wants to tackle, Santamala adds: “In addition to how shared, autonomous and electric transport is a sustainable option, 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.

According to the Vice-President of the EIB Thomas Ostros, “The automotive industry, including autonomous driving, is going through a radically transformative revolution with great potential to reduce the carbon footprint of transportation. Our funding for Sensible 4, a leader in solving the widely recognized problem of autonomous operations in bad weather conditions, shows the EIB’s commitment to supporting European leaders in innovation and more sustainable modes of transport.

As a spin-off from Aalto University, the company draws on more than 30 years of research and development experience in the field of robotics and autonomous driving technologies. The EIB financing will allow the company to accelerate technology-related R&D spending, as well as product development, after a period when its growth was hampered due to the pandemic. The company plans to reach the commercial stage soon and become one of the main suppliers to the automotive sector in Europe and Asia.

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