Finnish firm Basemark, which focuses on delivering software and services for the automotive industry, has raised €7m through an equity funding round.

The round was led by Environmental Technologies Fund (ETF) Partners. As agreed, ETF Partners’ Remy de Tonnac will also join the Basemark board.

Founded in 2015, Helsinki-based Basemark focuses on delivering real-time software solutions and professional services for the automotive industry.

Its product portfolio includes Rocksolid Engine, a real-time graphics and compute software solution that can be used for mission critical applications.

With the new proceeds, the company aims to support its growth in the autonomous vehicle space.

Basemark founder and chairman Tero Sarkkinen said: “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 hit the gas and take us to the next level.”

Tonnac said: “Road transportation is responsible for about 20% of total carbon dioxide emissions and research has shown that the introduction of autonomous vehicles (AVs) could help reduce transport emissions by as much as 80%, 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.”

Recently, Basemark partnered with Digital Media Professionals of Japan to develop a smart mirror system for the global commercial vehicle industry.

The smart mirror system, which will comprise cameras, displays and AI technology, will alert motorists about potential hazards, reducing the risk of accidents.