Remote driving company Vay has raised $60m from Singaporean tech giant Grab, which is set to invest much more if the German startup meets its targets.
Founded in 2018 by Thomas von der Ohe, Fabrizio Scelsi and Bogdan Djukic, Berlin-based "teledriving" startup Vay uses remote operators to navigate rental cars to customers, at which point they can take the steering wheel.
The company launched its first commercial service in Las Vegas last year, positioning itself as a cheaper, more flexible alternative to traditional car-sharing or ride-hailing models.
On top of the initial $60m pledged, Singapore's Grab — a super-app offering ride-hailing, food delivery and payment services — has agreed to invest another $350m if certain milestones are met over the next year.
“This initial investment will help accelerate Vay’s remote driving technology development and create valuable technical and operational synergies for Grab’s long-term mobility strategy,” says Anthony Tan, CEO and cofounder of Grab.
“It will also support Vay’s expansion in the US, where they serve a growing segment of consumers who prefer not to be car owners and are looking for more flexible, affordable, mobility options.”
Last year, Vay secured a €34m loan from the European Investment Bank, with a view to rolling out more services across the region. The company launched Europe's first commercial remote driving service in Belgium in January.
“As we plan to deploy tens of thousands of shared, electric, driverless vehicles over the coming years, we couldn’t be more excited to have one of the best operators in the world join us on this journey,” says Thomas von der Ohe, CEO and cofounder of Vay.
