Munich – Knorr-Bremse, the world market leader in braking systems and a leading supplier of other systems for rail and commercial vehicles, has invested around USD 25 million in Israeli start-up Autobrains. In return, the industrial group will receive a stake of around 5 percent in the company. Knorr-Bremse was advised by Luther Rechtsanwaltsgesellschaft on the complex transaction.
The investment is part of Knorr-Bremse's strategy for the commercial vehicle sector: Autobrains offers self-learning, video-based object recognition software that can be used to develop system solutions for driver assistance systems and automated driving.
The software will enable Knorr-Bremse to respond flexibly in future to the different requirements of the commercial vehicle business, which is characterized by a high number of vehicle types with different installation situations and new legislation. This flexibility is particularly necessary for markets in Asia. The cooperation also complements the existing partnership between Knorr-Bremse and Continental with regard to radar and camera systems for driver assistance systems and automated driving.
Knorr-Bremse (ISIN: DE000KBX1006, ticker symbol: KBX) is the global market leader for braking systems and a leading supplier of other systems for rail and commercial vehicles. Around 29,500 employees at over 100 locations in more than 30 countries are committed with competence and motivation to satisfying customers worldwide with products and services. In 2020, Knorr-Bremse generated global sales of EUR 6.2 billion in its two business divisions.
Artificial Intelligence start-up Autobrains emerged from Tel Aviv-based AI tech company Cortica in 2019 to develop video-based object recognition for the automotive industry. As a leader in video-based object recognition, Autobrains has grown to around 80 employees and is led by a highly experienced management team and R&D team with expertise in recognition software solutions.
On behalf of Knorr-Bremse:
Luther, Corporate/M&A: Dr Andreas Blunk, MLE (Partner, Lead)
Luther, Antitrust: Dr Guido Jansen (Partner)
FBC Lawyers Corporate/M&A (Israel): Ron Lehmann Partner), Ariel Mazar
Legal M&A: Goetz v. Schlotheim (lead) in the team of Christian Vornehm (Head of Legal M&A/ Antitrust)
Legal Commercial: Uwe Nestler, Christina Post