The company will use the $56.5 million in Series B fundraising, with support from ZF, Continental, and AGCO, to expand into markets adjacent to the automotive including agriculture, mining, industrial automation, and Internet of Things; double its team; and expand operations to Asia.
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The automotive supplier will create a data and integration platform called the ZF Cloud for its industrial and operational production and business processes on the Microsoft Azure cloud platform.
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The company opened its “wafer fab of the future” in Dresden to help address auto semiconductor challenges and is taking a “technology-neutral” approach to powertrain options for its customers.
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