Vay, a forward-thinking startup from Berlin, is turning heads with its innovative teledriven car-sharing service. The company recently secured a significant €34 million in venture debt from the European Investment Bank (EIB), a move that will accelerate its efforts to transform urban mobility across Europe. Imagine a car that arrives at your doorstep, piloted by a professional driver who might be miles away. This is the magic of Vay’s teledriving technology. Unlike fully autonomous vehicles, Vay’s system employs skilled drivers who control the car remotely, ensuring both safety and efficiency. Once the car reaches your location, you can take over the wheel for your journey. And when you’re done, simply step out and let the remote driver handle the parking.
This fresh approach offers a sustainable and cost-effective alternative to conventional ride-hailing services. Vay’s technology not only increases the efficiency of urban transport but also helps reduce the number of cars on the road, contributing to cleaner and less congested cities. Vay’s journey kicked off with a commercial launch in Las Vegas earlier this year. Now, with this new funding, the company plans to expand its teledriving service to more cities across Europe and North America. This includes forging partnerships with car manufacturers and other industry players to enhance their offerings.
The European Investment Bank’s investment highlights its commitment to supporting tech innovators like Vay. Nicola Beer, the EIB Vice-President, has praised Vay’s potential to transform passenger and goods transport while promoting sustainable urban mobility. Vay is unique in Europe as the only company operating teledriven vehicles on public roads without a safety driver. This milestone follows successful test drives in Hamburg, Germany, in 2023. The company is now collaborating with German authorities to prepare for a commercial launch in Hamburg, further solidifying its position as a pioneer in teledriving.
The EIB loan is in line with the InvestEU program, which aims to generate over €372 billion in investment for new technologies by 2027. This support will not only bolster Vay’s growth but also strengthen trust among EU regulators, partners, and consumers. Vay’s vision extends beyond merely offering a convenient car-sharing service. By optimizing the use of its electric fleet, the company aims to create safer, more sustainable, and livable cities. As Vay actively engages with cities and states across Europe and the US, its teledriving technology is poised to become a game-changer in urban mobility.
This funding marks a significant milestone for Vay, paving the way for wider adoption of its groundbreaking technology. As the company continues to expand, it remains steadfast in its commitment to reshaping the future of transportation, one teledriven car at a time.
