ABA Newsletter (14 Sep 2016)

Date: Sep 2016

Austrian startup garners USD 10.3 million in investments

The Austrian startup Bitmovin offers video infrastructure for the Internet. The investment fund Atomico of London which specializes in high-tech companies was lured as the main investor during a round of financing.

The funds will be used to further develop the existing video infrastructure, which is used, amongst other applications, for virtual reality and 360° video. The money raised is also designed to further expand the company’s offices in Klagenfurt and Silicon Valley.

Stefan Lederer and Christopher Müller, the two founders, studied at Alpen-Adria-Universität Klagenfurt and established Bitmovin during their study time. While the two were completing their college education, they participated in standardizing MPGEG-DASH, an industry standard for video streaming. The process is used, for example, by Netflix and YouTube.

The two entrepreneurs later took advantage of their know-how to use Bitmovin as the platform for developing an encoding service for developers and integrators, including a programming interface. Moreover, solutions were made available for virtual reality and 360° videos. The HTML5 player offered by Bitmovin supports a series of end devices such as desktop PCs, smart phone, smart TVs and virtual reality headsets. The patented technology developed by Bitmovin shortens video loading times to less than 150 milliseconds and thus helps users avoid cumbersome waiting times.

Successful Financing Round for Technology Leader Insort

Under the direction of the aws Founder Fund, Insort, the international technology leader for the sensor-based sorting of food, received new growth capital to support its further expansion to North America.

The young Austrian company Insort from Eastern Styria has already positioned itself in a short time as the technology leader in the food industry thanks to its food analysis device “Sherlock“. The application of Chemical Imaging Technology® serves as the basis for the significantly improved classification and sorting rates for foreign objects and defective foods and enables completely new standards to be set for food safety and quality. More than 90% of the devices manufactured in Austria’s federal province of Styria are exported, and supplied to leading food producers in Europe. The company has also recorded initial successes in Japan and Canada. Now Matthias Jeindl, Managing Director of Insort, whose team has built up a clear technological edge for many years, especially in the potato industry, wants to expand to the North American market. “In order to successfully enter the market in North America, it is absolutely necessary to be present on the ground with our own sales and service organization. This step is strategically important for us“, says Matthias Jeindl.

The growth capital made available by the aws Founder Fund is designed to achieve a number of objectives, including the further development of the existing technology as well as setting up operations in North America as a means of being able to purposefully satisfy demand there. With Insort, aws has expanded its portfolio by adding another technology-oriented company with high growth potential.

Cable railway innovation from Austria for public transportation

The Austrian cable railway producer Doppelmayr has developed a new mode of transport in cooperation with the Kairos Society, a research organization.

City Cable Car is a curve-going cable railway system for urban areas. Each of the cabins can transport 28 people or 2.5 tons of goods. The system travels on cables or a track system which follows existing streets or can go over and through mountains. “The changeover from a cable to a track system and vice versa is completely new, as is the curve-going feature”, says Hanno Ulmer, Member of the Executive Board of Doppelmayr Holding. A pilot line is to be built in Vorarlberg to enable congestion-free travel between Dornbirn and the Bregenzerwald region for commuters, students and tourists.

Economic Forum in Velden

*Special ABA discount for participants

Exports, digitalization, Industry 4.0 comprise the key issues at the top-caliber 7th CEE Economic Forum held in Austria from September 29-30, 2016. The keynote speaker is Federal Chancellor Christian Kern, and the European award winner for EUROPAEUS 2016 is former Austrian President Heinz Fischer. Participants will face top international business and political representatives and 450 attendees from 25 countries, focus on explosive topics, engage in workshops and benefit from more than 50 presentations by experts. They include high-ranking delegations from the CIS and Balkan states looking for business and cooperation opportunities. The forum will also present EXPO 2017 in Astana in Kazakhstan. In cooperation with Pioneers Discover, the makers of the Pioneers Festival, exciting startups from South East and Eastern Europe are expected within the context of Industry 4.0. Other speakers include EIB Director Wilhelm Molterer and Herbert Stepic, known as Mr. Eastern Europe, who will both speak about the issues of financing and incentives. Infineon CEE Sabine Herlitschka, AIT CEO Anton Plimon and ZTE CEE Director Alexander Schuster will deal with the issue of digitalization. Importance will also be attached to other current issues such as infrastructure projects and logistics.

The attendance fee has been reduced to EUR 300 (instead of EUR 600) for partners of ABA. The fee covers the framework program, lunch, dinner and networking events.

In order to be able to take advantage of ABA’s special offer, we ask you to enter ABA2016FV under the item “Code” on the application form.

Please register for the CEE Economic Forum in Velden by using the online form available at: https://www.forumvelden.at/register_ceef/.

When you register, please indicate that you are a “Participant (regular)” and add the following nine-digit code: ABA2016FV.

Intelligent sportswear “Made in Austria”

An Austrian company has entered the world of intelligent sportswear based on the project “sanSirro get smart“, and is thus competing against the giants in the industry.

For the first time, the entire sensor system consists of stitched, intelligent textiles in order to be able to transmit vital data online and in real time. The combination of nano-plasma technology and a new type of embroidery sensors result in the world’s first washable intelligent sportswear.

The crowd investing campaign launched by Conda, Austria’s largest platform for private investors, showed how much interest exists in this project. Half of the funding target was reached within two hours. More than EUR 250,000 was collected for the project after only one week.

Webinar: Austria - the jurisdiction of choice for international tax structuring

International business operations are impacted by constantly changing tax, legislative and regulatory requirements, both locally and abroad.

Keeping compliant with these changes and ensuring your international operations remain tax-efficient can be challenging. On this webinar, we explore the tax strategies and efficiencies you can benefit from by establishing your international tax structuring in Austria.

Sapura’s Finance Director Edmundo Falcao, responsible for the shipping service company’s international tax structuring in Austria, will share his experiences.

By attending this webinar you will learn:

  • The international tax rules you need to comply with in Austria
  • How to benefit from an Austrian GmbH as holding company for your international operations
  • What tax benefits you get when becoming resident as an individual in Austria
  • How to make use of an Austrian private Foundation (Privatstiftung) for tax and succession planning.

When?

Wednesday 28 September, 2016

9:00 AM EDT / 1:00 PM GMT / 3:00 PM CEST / 5:00 PM GST

Click here to join us!

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