High-Tech Gründerfonds and BBAF Business Angels Fondsgesellschaft mbH invest in autoaid GmbH
October 27, 2009
autoaid GmbH, specialists in web-based car diagnostics and operator of the car service platform autoaid.de, has attracted High-Tech Gründerfonds and BBAF Business Angels Fondsgesellschaft mbH as investors. autoaid is developing web-based car diagnostic system for professional use in car garages. Use of the software will make it possible to dispense with the proprietary diagnostic testers in common use today.
The software solution is based on client-server technology and is connected to the vehicle via an interface also developed by the company. Using the vehicle interface, all relevant diagnostic details, such as error codes, measuring values and vehicle data, are read out and sent to the diagnostic server. The server identifies the component that is actually defective, which is then displayed to the mechanic as the repair solution. Using the autoaid diagnosis software, the car mechanic can reduce the diagnosis time for defective components and the instances of parts wrongly identified as defective and replaced by 80%.
High-Tech Gründerfonds and BBAF Business Angels Fondsgesellschaft mbH are jointly investing EUR 550,000 in the start-up of autoaid GmbH. Andreas Müller from Opitz Müller und Partner Consulting Agency supported autoaid GmbH in the investment and financing process. He will also continue to provide advice to the company in the role of a coach. “We are pleased to have been able to convince two such renowned investors of our business idea. Thanks to the received funds and the first class network of High-Tech Gründerfonds, BBAF and coach providing the backing, we have excellent conditions for converting our business idea into a successful company,” states Moritz Funk, one of the two directors of autoaid GmbH.
“The innovative car diagnosis technology in conjunction with the car service platform, which has already been introduced very successfully and which provides access to the market, convinced us as investors straightaway. The team managed to attract numerous car garages for the platform in a short space of time. This will facilitate the market introduction of the diagnostic system planned for 2010 greatly for the company,” says Nicolas Kirschner, Investmentmanager at High-Tech Gründerfonds Management GmbH. “Thanks to the financing, it will now be possible to considerably accelerate the development of the diagnostic system. Securing the technological edge is an important criterion for investing in autoaid,” comments Peter Matthies, Managing Director of BBAF Business Angels Fondsgesellschaft mbH.
autoaid GmbH has set itself the ambitious goal of developing into one of the technologically leading suppliers of multi-brand car diagnostic systems within just a few years, thereby becoming the preferred partner of independent car garages for solving electronic problems on vehicles.
About High-Tech Gründerfonds:
High-Tech Gründerfonds invests venture capital in young, high-opportunity technology
companies, which convert promising research results into commercial enterprises. With the assistance of seed financing of up to EUR 500,000, the start-ups are to continue with the R&D projects up to the preparation of a prototype or proof of concept or up to introduction into the market. High-Tech Gründerfonds has a fund volume of around EUR 272 million available. The investors of the public private partnership include the German Federal Ministry for Economy and Technology, the KfW banking group and the six industrial groups BASF, Deutsche Telekom, Siemens, Robert Bosch, Daimler and Carl Zeiss.
High-Tech Gründerfonds Management GmbH
Tel: +49 228 965685 00
Fax: +49 228 965685 50
About the Berlin Business Angels fund:
BBAF Business Angels Fondsgesellschaft mbH is an investment company financed by the private capital of the Business Angels of the region. Apart from capital, it also offers young technology companies the know-how of its associates, their entrepreneurial expertise and their contact networks. The Business Angels consider themselves to be catalysts, motivating other financiers to invest in young technology companies through their own commitment, while markedly improving the economic opportunities of the business start-up.