11 Sep 2024
Basemark is a software company specializing in augmented reality (AR) technology for the automotive industry. Headquartered in Helsinki, Finland, the company develops tools that empower car manufacturers to rapidly create various AR applications for in-vehicle use. We spoke to Tero Sarkkinen, founder and CEO of this innovative scaleup, member of the EIC Scaling Club’s Next-Gen Computing group.
Basemark's mission is to enhance road safety through AR. By overlaying digital information onto the real world, the company aims to keep drivers focused on the road. For instance, navigation directions can be projected directly onto the road, eliminating the need for drivers to look down at the dashboard. Additionally, the technology can identify potential hazards, such as oncoming motorcycles or pedestrians, and alert the driver accordingly.
Productivity boost for AR development
Tero Sarkkinen has a 25-year history in the tech industry. The first company he led focused on processor and graphics performance testing, leading to a collaboration with Audi and Nvidia to develop futuristic digital cockpit concepts. This experience sparked his first self-founded venture, Rightware, which became a leading provider of automotive user interface software. After successfully exiting Rightware, Tero founded Basemark in 2015, building on his expertise in the automotive industry.
Today, the company faces competition from other technology firms in China and Korea. Additionally, major tier-one suppliers like Visteon and Harman possess some in-house AR development capabilities. However, Bosch is Basemark’s partner and already uses its tools for AR development.
Basemark differentiates itself by offering a comprehensive development toolkit that enables independent use by other companies and developers. This tool significantly boosts productivity, reducing the number of AR designers required from 10 or 20 to two or three. Development time is shortened dramatically, with the ability to create 100 iterations per day compared to just one every two weeks previously. This translates to substantial cost savings for clients. Tero explains:
“While many original equipment manufacturers (OEMs) develop AR in-house, they are not our competitors. They're actually potential customers for our AR development tools that enable their team to develop faster and more efficiently.”
7 years finding the right product-market fit
It wasn’t straightforward for Basemark to find its place on the market. Tero and his very talented developer team initially explored the virtual reality market. Leveraging their PC graphics expertise, they developed VR performance testing software. However, the VR market's rapid decline prompted a pivot.
Recognizing their strengths in graphics and existing automotive connections, the company shifted focus to computer-aided driving. By combining computer vision and graphics rendering capabilities, Basemark identified an opportunity in AR technology in 2022.
Basemark hasn’t been immune to global turbulences, like the Covid pandemic. The shift to remote work hindered the company's B2B sales efforts, leading to a dramatic slowdown in new business acquisition. While the company managed to retain existing clients and projects, revenue was cut in half, dropping from 8 million to 4 million in a single year.
When the company had finally found its product-market fit and started to raise funding, Russia’s war in Ukraine broke out. Tero shares how this impacted the company’s fundraising efforts:
“Securing the 22 million euro round, consisting of 17 million in equity, was the most difficult fundraising process of my career. I've raised well over 50 million throughout my career in funding, and this surpassed all the challenges I’ve ever faced in previous rounds.”
As of today, Basemark has secured approximately 35 million euros in funding through a combination of equity, R&D loans, and grants. “We were very happy and lucky to receive an EIC grant worth 2.5 million, which was super critical for us at that time,” Tero adds.
Basemark gears up for growth
Basemark has secured significant software licensing deals. While the company has been providing software development services to BMW since 2018, it has recently closed two major production deals for its own software license. One of these deals is valued in the tens of millions and will result in the company's AR software being installed in millions of cars.
Today, Basemark has over 100 employees and keeps on growing. The company is on the brink of profitability and is projected to break even this year and achieve full-year profitability in the following year. Tero shares his joy for reaching this milestone:
“This is an incredible moment in every entrepreneur’s life. It's the culmination of years of hard work, and it feels amazing to be so close to achieving our goal.”
Basemark’s EIC Scaling Club membership is another stepping stone for further success. Tero shares the company’s progress within the Club: “We've started workshops and assembled a mentor team composed of experienced investors and entrepreneurs with strong backgrounds in semiconductors, software, and other areas. Our focus is on scaling strategies to overcome growth challenges and attract the next level of investors.”
EIC Scaling Club is also helping Basemark identify its focus for geographic expansion and product diversification beyond the automotive industry. Tero points out:
“Mentor insights are providing an additional layer of strategic guidance, acting as another set of board members. Additionally, we've sent our rising stars – middle management representatives – to the EIC Summer School, where they've gained valuable experience and development opportunities.”
About the EIC Scaling Club
The EIC Scaling Club is a curated community where 120+ European deep tech scale-ups with the potential to build world-class businesses and solve major global challenges come together with investors, corporate innovators and other industry stakeholders to spur growth.
The top 120+ European deep tech companies will be carefully selected from a pool of high-growth scale-ups that have benefitted from EIC financial schemes, other European and national innovation programmes, and beyond.
The EIC Scaling Club is an EIC-funded initiative run in partnership by Tech Tour, Bpifrance (EuroQuity), Hello Tomorrow, Tech.eu (Webrazzi), EurA and IESE Business School.
Subscribe to our newsletter here to stay up-to-date!
Recent Articles
Persistence, stamina, and grit are more important than ever – Interview with Patrik Sobocki
11 Sep 2024
EIC Scaling Club
48 companies
EIC
Digital Security & Trust
Interview
UMNAI
hybrid intelligence
neuro-symbolic AI
UMNAI: The missing piece of today’s AI – Hybrid Intelligence
11 Sep 2024
EIC Scaling Club
Next-Gen Computing
48 companies
EIC
Interview
Basemark
augmented reality
AR
automotive industry
Basemark: Transforming the driving experience with augmented reality
21 Aug 2024
EIC Scaling Club
Deep tech
quantum computing
photonics
Next-Gen Computing
48 companies
Interview
Science tech
Quix Quantum
QuiX Quantum: Building a quantum future with photonic power
15 Aug 2024
EIC Scaling Club
Deep tech
48 companies
Digital Security & Trust
deep tech scale-ups
QuoIntelligence
threat intelligence
Marco Riccardi
QuoIntelligence: Democratizing threat intelligence
13 Aug 2024
european deep tech
eic scaling club mentors
New Space
Interview
deep tech scale-ups
Tero Vauraste
President
Finland
Arctic
Learning is a lifelong journey – Interview with Tero Vauraste
9 Aug 2024
EIC Scaling Club
Deep tech
quantum computing
Next-Gen Computing
EIC
Interview
Science tech
deep tech scale-ups
qubits
quobly
Quobly: Tackling the world's growing computational challenges with quantum power
8 Aug 2024
EIC Scaling Club
Deep tech
Report
smart mobility
Next-Gen Computing
cohort 1
Renewable Energies
EIC
Digital Security & Trust
Challenge Roadmap
European deep-tech scale-ups focus on market expansion, funnel optimization, and investment readiness level to attract growth funding
6 Aug 2024
Open Call – EIC matchmaking opportunity: Pitch your maritime and shipping industry innovations
1 Aug 2024
Digital sector
european deep tech
Ignition Forum
deeptech scale-ups
Video interview
imec
Interview
Science tech
Jo De Boeck
Imec: Bridging the gap between lab and market
29 Jul 2024
EIC Scaling Club
Deep tech
Report
smart mobility
Next-Gen Computing
Renewable Energies
EIC
Digital Security & Trust
Challenge Roadmap
EIC Scaling Club report identifies top go-to-market challenges of European deep-tech scale-ups
24 Jul 2024
EIC Scaling Club
Deep tech
Next-Gen Computing
48 companies
Interview
Science tech
GScan
Infrastructure
muon tomography
GScan: Pioneering infrastructure assessment with muon tomography
18 Jul 2024
EIC Scaling Club
Deep tech
tech tour
Next-Gen Computing
Ignition Forum
mentors
meet the mentors
Video interview
Investment
Semiconductors
Investors
Interview
hardware
Marek Kotelnicki
VIGO Ventures
Deep-tech is very close to our hearts – Interview with Marek Kotelnicki
17 Jul 2024
EIC Scaling Club
Deep tech
48 companies
cohort 1
EIC
Digital Security & Trust
Interview
Science tech
François Mattens
XXII
XXII: Revolutionizing video analytics with AI-powered computer vision
10 Jul 2024
Deep tech
New Biotech Platforms
Corporates
Public Funds
EIT Food
Investors
Agencies
Cohort 2
Science tech
Cohort 2: Meet the New Biotech Platforms stakeholders
9 Jul 2024
EIC Scaling Club
Deep tech
48 companies
cohort 1
Renewable Energies
EIC
Interview
Science tech
Nicolas Heuzé
Sweetch Energy
Sweetch Energy: Providing a source of renewable energy that ‘ticks all the boxes’
8 Jul 2024
EIC Scaling Club
Deep tech
Next-Gen Computing
Ignition Forum
cohort 1
EIC
Interview
Marta Garcia Pedruelo
Multiverse Computing
How a paradigm-shifting company can benefit from the EIC Scaling Club – Interview with Marta Garcia Pedruelo
3 Jul 2024
EIC Scaling Club
Deep tech
Ignition Forum
cohort 1
Renewable Energies
EIC
Interview
bound4blue
Dana Camps
Decarbonizing maritime shipping with state-of-the-art technology – Interview with Dana Camps
2 Jul 2024
EIC Scaling Club
Deep tech
48 companies
cohort 1
EIC
Digital Security & Trust
Interview
Michal Tresner
threatmark
ThreatMark: Building AI-powered defense against evolving banking fraud
1 Jul 2024
EIC Scaling Club
Deep tech
48 companies
cohort 1
Renewable Energies
EIC
Interview
aerones
Endijs Bernics
Scaling new heights: How Aerones conquers the wind industry
21 Jun 2024
EIC Scaling Club
EIC
Batteries & Energy Storage
Public Funds
Stakeholders
Agencies
Cohort 2
EIT Manufacturing
Cohort 2: Meet the Battery & Energy Storage stakeholders
20 Jun 2024
EIC Scaling Club
EISMEA
EIC
Agri & Food Tech
Corporates
Public Funds
EIT Food
Stakeholders
Agencies
Cohort 2
Cohort 2: Agri & Food Tech stakeholders unveiled
17 Jun 2024
EIC Scaling Club
Deep tech
smart mobility
Next-Gen Computing
Ignition Forum
Renewable Energies
EIC
Digital Security & Trust
Investment
VC
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
New Space
Mikko Suonenlahti
We can build many more unicorns together – Interview with Mikko Suonenlahti
13 Jun 2024
Digital sector
EIC Scaling Club
Deep tech
Next-Gen Computing
companies
EIC
Digital Security & Trust
New Space
Fabrizia Zanca
SettleMint
Bridging the Blockchain Chasm with Innovative Solutions – Interview with Fabrizia Zanca, VP of People at SettleMint
10 Jun 2024
EIC Scaling Club
Deep tech
smart mobility
Next-Gen Computing
Ignition Forum
Renewable Energies
EIC
Digital Security & Trust
Investment
VC
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
New Space
Thomas Ferre
EIB
EIB's role in Europe's deep tech ecosystem – Interview with Thomas Ferré
6 Jun 2024
EIC Scaling Club
Next-Gen Computing
Renewable Energies
EIC
Digital Security & Trust
climate tech
Larissa Skarke
Investment
VC
World Fund
Finding investment as a deeptech scaleup – interview with Larissa Skarke of World Fund
28 May 2024
smart mobility
Next-Gen Computing
Renewable Energies
Digital Security & Trust
imec
Olivier Rousseaux
Meet the man building deep tech ventures and spin-offs for IMEC: An interview with Olivier Rousseaux, its Director of Venture Development
24 May 2024
On European competitiveness and entrepreneurial education: Interview with Maria Zubeldia of Oxford's Saïd Business School
22 May 2024
Renewable Energies
Video interview
Carbon Equity
climate tech
Jacqueline van den Ende
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
'Mobilising private capital to address the world's greatest (climate) challenges': Carbon Equity CEO Jacqueline van den Ende is on a mission
15 May 2024
EIC Scaling Club
Next-Gen Computing
Ignition Forum
Renewable Energies
Video interview
EIC
Michiel Scheffer
Digital Security & Trust
EIC Board
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
New Space
Scaling up Europe's deep tech ecosystems: An interview with EIC Board President Michiel Scheffer
14 May 2024
EIC Scaling Club
Next-Gen Computing
Ignition Forum
Renewable Energies
ERA
Video interview
Anna Panagopoulou
EIC
European Commission
Digital Security & Trust
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
New Space
'Building the unicorns of tomorrow in Europe' - Video interview with Anna Panagopoulou, Director of 'ERA & Innovation' at the European Commission
8 May 2024
The Innovator
Jennifer Schenker
VaultSpeed
Heimdall Power
Tilkal
Renewable Energies
Digital Security & Trust
The Innovator put the spotlight on three EIC Scaling Club companies: Tilkal, VaultSpeed and Heimdall Power
29 Apr 2024
Next-Gen Computing
mentors
meet the mentors
eic scaling club mentors
Renewable Energies
Digital Security & Trust
Meet the Mentors: Presenting the curated list of business experts to advise the first cohort of scale-ups
24 Apr 2024
Report
Next-Gen Computing
market highlights
research
market highlights report
insights
data
Renewable Energies
Digital Security & Trust
EIC Scaling Club Report(s): Insights on four market sectors poised for deep tech innovation
9 Apr 2024
EIC Scaling Club
Next-Gen Computing
European Innovation Council
Jean-David Malo
EISMEA
Renewable Energies
Digital Security & Trust
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
New Space
Interview: EISMEA Director Jean-David Malo takes stock of the EIC's achievements to date, and challenges ahead
29 Mar 2024
EIC Scaling Club
Next-Gen Computing
48 companies
first cohort
companies
deeptech scale-ups
cohort 1
Renewable Energies
Digital Security & Trust
Agri & Food Tech
48 high-growth tech companies join the EIC Scaling Club to collectively bolster Europe’s deep tech scale-up ecosystem
28 Mar 2024
Next-Gen Computing
axelera
alexera ai
fabrizio del maffeo
Digital Security & Trust
Batteries & Energy Storage
Accelerating computer vision on edge devices as a 'small, fast-growing Nvidia': Interview with Fabrizio Del Maffeo from Axelera AI
25 Mar 2024
smart mobility
Next-Gen Computing
Earlybird
Christian Nagel
Renewable Energies
Digital Security & Trust
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
New Space
The Earlybird gets the interview: A chat with seasoned VC investor Christian Nagel
14 Mar 2024
Changing the fate of Europe through deep tech investments: Q&A with Jolt Capital's Jean Schmitt
5 Mar 2024
smart mobility
eit
Maria Tsavachidis
eit urban mobility
Renewable Energies
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Moving on up: EIT Urban Mobility CEO Maria Tsavachidis on how to make cities more liveable thanks to sustainable mobility
28 Feb 2024
Making clean, scalable fusion power plants a reality: An interview with Proxima co-founder and CEO Francesco Sciortino
27 Feb 2024
The Innovator
Jennifer Schenker
Next-Gen Computing
Renewable Energies
Digital Security & Trust
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
New Space
Making media moves: Insights from The Innovator founder (and EIC Scaling Club Council Member) Jennifer Schenker
26 Feb 2024
The key to Europe levelling up its game, and insights on the Swiss (deep) tech ecosystem: An interview with Jennifer Webb (Swisscom Ventures)
15 Feb 2024
Safety first: Soter Analytics helps prevent workplace injuries (interview with CEO Matthew Hart)
13 Feb 2024
smart mobility
eif
european investment fund
roger havenith
etci
european tech champions initiative
Next-Gen Computing
Renewable Energies
Digital Security & Trust
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
New Space
Building (and funding) real European deep tech champions: An interview with EIF deputy chief Roger Havenith
6 Feb 2024
Shaping light as a service - A chat with Jean-François Morizur, CEO of French photonics scale-up Cailabs
2 Feb 2024
Warning: Joining the EIC Scaling Club may get your company acquired! (Veronika Oudova, S-Biomedic)
30 Jan 2024
EIC Scaling Club
EIC Scaling Club Council
iqm
quantum computing
jan goetz
Next-Gen Computing
Digital Security & Trust
Batteries & Energy Storage
Catching up with IQM co-founder and CEO (and EIC Scaling Club Council member) Jan Goetz
24 Jan 2024
Deep tech
smart mobility
tech tour
tech tour growth50
growth50
Next-Gen Computing
Renewable Energies
Digital Security & Trust
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
New Space
Spotting Europe's next unicorns: Check out the Tech Tour Growth50 list
18 Jan 2024
Shift4Good co-founder Yann Marteil backs EIC Scaling Club's mission to accelerate global impact
19 Dec 2023
Thoughts on European deep tech from Massimo Portincaso (Arsenale, Deepwave Ventures, Hello Tomorrow, ex-BCG)
15 Dec 2023
Deep tech
Next-Gen Computing
48 companies
2024 Hello Tomorrow Global Challenge
Digital Security & Trust
Spotlight on the DeepTech Alliance: Q&A with Thomas Klem Andersen
16 Nov 2023
EIC Scaling Club
smart mobility
Next-Gen Computing
Renewable Energies
Digital Security & Trust
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
New Space
Presenting the members of the EIC Scaling Club Council
2 Nov 2023
Digital sector
Deep tech
smart mobility
Next-Gen Computing
Renewable Energies
Digital Security & Trust
Batteries & Energy Storage
Clean Fuels & Hydrogen
Agri & Food Tech
Cardiovascular Therapies
New Biotech Platforms
The Rise of Deep Tech in the Baltics
11 Oct 2023 - Location 3