German Tech Pioneer Vay Gets €34 Million Boost from EIB
Vay’s technology enables professionally trained teledrivers to drive vehicles to the customer’s pick-up location remotely. - © Vay
The European Investment Bank (EIB) has committed €34 million in venture debt to Berlin-based teledriving technology company Vay, according to a company press release. The investment, backed by the European Union's InvestEU guarantee programme, aims to accelerate the development and expansion of Vay's innovative car-sharing service across Europe.
Vay's technology enables professionally trained remote drivers to deliver vehicles directly to customers' locations. After the car arrives, customers can drive normally, and upon reaching their destination, they can simply walk away – a remote driver takes over to park the vehicle or deliver it to the next user.
Following its commercial launch in Las Vegas in January 2024, Vay has established itself as a pioneer in the teledriven vehicle sector. The company notably became Europe's first to operate on public roads without a safety driver, successfully conducting test drives in Hamburg, Germany, in 2023.
"This investment demonstrates our commitment to supporting European tech pioneers with global ambitions," said EIB Vice-President Nicola Beer. The system offers sustainable mobility at half the cost of traditional ride-hailing services, potentially reducing urban car numbers through optimized fleet management.
Vay CEO Thomas von der Ohe emphasized that the funding will be crucial for technology development and commercial expansion. The company is currently working with German authorities to launch services in Hamburg and is in discussions with several cities across Europe and the United States.
