Vay Funding News – Berlin-based Vay gets €34 million in venture

As it builds business-to-business relationships with automakers and other key industry participants. Vay intends to expand the number of cities in North America and Europe where it offers door-to-door car sharing.

This investment once again demonstrates our commitment to supporting European tech pioneers with global ambitions, like Vay,” said EIB Vice-President Nicola Beer.

Vehicles can be remotely driven to the customer's pick-up location by properly qualified teledrivers thanks to Vay's technology. As with any other vehicle, the operator takes manual control of the car once it arrives. The user can leave without bothering about parking after the trip is over because a teledriver takes care of parking or moves the vehicle to the next client. The vay system provides door-to-door transportation that’s better for the environment. It costs half as much as regular ride-hailing.

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Having a human driver operate the car remotely and in real time is a unique benefit of teledriving. Consequently, teledriven car systems are easy to use and have many features. This is not the case for fully autonomous cars, which are subject to more legal and technical issues.

We are proud that EIB has decided to invest in Vay as these funds will be instrumental in further developing our technology and supporting the company’s growth,” commented Co-founder and Chief Executive Officer of Vay Thomas von der Ohe.

Vay is the only business in Europe that uses public highways without a safety driver. It became a leader in teledriven automobiles in early 2024 with the launch of a commercial teledriving service in Las Vegas. As part of its mission to build more sustainable, livable, and safe communities. Vay uses its teledriving technology to maximise the utilisation of its electric fleet, which might lead to fewer automobiles on the road.

Vay is actively engaging with various states and localities in the US and Europe. This is to explore potential future teledriving service launches. In Hamburg, Germany, in 2023, the business successfully carried out test drives on public roads without a safety driver.

The Invest EU initiative, which supports the EIB loan, intends to stimulate about €372 billion in new technology investment until 2027. The agreement supports InvestEU's mission to advance innovation, research, and development.

About Vay

Vay is the first company to drive a car without a person inside on public streets in Europe and the US. This is made possible by teledriving, which is remote driving technology. Vay first commercial service is now available in central Las Vegas. You can enjoy rental cars by the minute, delivered driverlessly to your location.