Berlin-based Vay raises €34M to grow its TeleDriving services across Europe, offering affordable car-sharing options with remote-controlled vehicles

German start-up Vay secures €34 million from the European Investment Bank to grow its TeleDriving services in Europe, offering affordable car-sharing options with remote-controlled vehicles.

German-based, Vay has been able to attract €34 Million from the European Investment Bank. It helps bring their remote-driving technology to more cities in Europe.

Vay utilizes teledrivers who control cars through a distance with the camera, and other monitors on the screens. They bring electric rental cars to the clients and collect the cars after the customer has finished using them.

Expansion Plans in Europe:

Vay’s CEO Thomas von der Ohe announced intentions to offer commercial services in Hamburg or Belgium, where the company has invested in car-share Poppy. The company started experimenting with its technology and now seeks to expand its team of developers. Vay has already attracted $110 million from investors including Kinnevik and Eurazeo and it will use this new funding to grow more.

Vay is cheaper than Uber and it already runs a similar remote-driving service in Las Vegas. Customers contribute from their pockets half the cost of the common Uber trip. To recap, Vay currently has 20 cars as part of its fleet for now the company aims to have 100 cars while developing cars with more self-driving features in long-term goals.

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As for fully self-driving cars, well, they didn’t name how many years they’re from remotely driving a car, but Vay sees a massive opportunity in that niche. The policing aspect of this technology is an area in which Von der Ohe sees more hurtling change to transportation without autonomy. In addition to car-sharing, Vay also plans to advance remote driving for trucks and delivery vans, thanks to the collaboration with Stellantis brand Peugeot.

Image Credit: Vay