In the Ottobahn transport system, individual Cabins along a rail, which runs above existing roads. Software is designed to ensure that passengers can board and alight at virtually any point along the route. The startup now plans to use the raised funds to finalize its test track in Taufkirchen. The funds will also be used to build a team for hardware and software development and to secure related patents. Ottobahn plans to invest a total of €5 million by 2023 in securing the technology and preparing for approval of the transport system.
Ottobahn Managing Director Marc Schindler commented:
"The successful financing is an important milestone on the Ottobahn's journey. We have thus secured a significant portion of the funds we need to build the planned test track and obtain operating approval."
The lead investor in the current financing round is Ökovation Ventures from Endsee. The fund, which specializes in sustainable companies, is investing in the Taufkirchen-based company at a valuation of €22.5 million. The VC has selected Ottobahn and three other startups from over 1,000 companies for its mid-sized company fund. Rupf from Reutlingen is also another investor in the financing round. In addition, a crowdinvesting campaign is currently running in parallel on the platform FunderNation.eu, through which interested private investors can participate in venture financing.
Ottobahn will establish itself worldwide
"We see enormous potential at Ottobahn to sustainably revolutionize the international mobility sector. Therefore, in addition to the significant financial investment, we are supporting this with our entire expertise,"
so Gerold Wolfarth, CEO of Ökovation Ventures. And further:
"We are not only convinced by the company's approach and business model, we are also enthusiastic about the interdisciplinary team that is rethinking transport and cleverly integrating a proven, green technology with AI and bringing it to the rails."
“I am firmly convinced that the construction of the test track is the key to success and that the Ottobahn will then establish itself worldwide,”
adds Rupf boss Rudolf Pfriender.
