Basemark, a Finnish company specialising in graphics and autonomous driving vehicle software, has raised €7 million in a round led by ETF Partners, investing from its Environmental Technologies Fund. The capital will be used to accelerate Basemark’s growth.
The company is known for its product Rocksolid Engine, a real-time graphics and compute software solution that helps customers develop and test applications. Founded in 2015, the Helsinki-based business grew to over $10 million in revenue and achieved profitability without any institutional money. Now Basemark has teams in Finland, Germany, the UK, the US and India.
“Over the years we have worked hard on building a category defining product and establishing strong international relationships across the automotive industry. This new capital injection will enable us to accelerate our growth and take us to the next level,” said founder and chairman, Tero Sarkkinen.
“Road transportation is responsible for about 20 percent of total CO2 emissions, and research has shown that the introduction of autonomous vehicles could help reduce transport emissions by as much as 80 percent, due to the advent of Transport-as-a-Service and improved asset utilisation. We believe Basemark’s critical AI and software technology are integral parts of the AV revolution,” said Remy de Tonnac of ETF, who will join the startup’s board, along the firm’s Nordic venture partner, Jarkko Virtanen.