Vay raises $95 million

German mobility startup Vay has raised $95 million in Series B funding from a variety of investors including Kinnevik, Coatue, Eurazeo, Atomico, La Famiglia, Creandum, and others.

Founded in 2018, Vay is bringing a new approach to the autonomous vehicle space by developing a solution called teledriving. Vay’s technology allows a person (the teledriver) to remotely drive a vehicle until another person enters the car and takes full control of it. Once the person has ended the drive, Vay’s teledriver resumes control of the vehicle and drives it back to base or to the next person in need of a car.

The startup plans to launch its service in Hamburg in 2022, promising to offer the most affordable door-to-door transportation service at a fraction of the cost of an Uber ride.

“Driverless transportation is potentially the biggest and most positive change in mobility in our generation. Thomas, Fabrizio, Bogdan, and the rest of the Vay team are pioneers in this industry, combining a visionary and pragmatic approach, with a strong mission to increase the safety and sustainability of transportation. Kinnevik is excited to partner with Vay and we look forward to joining the ride.” – Natalie Tydeman, senior investment director at Kinnevik.

Bottom Line: Vay’s idea makes a startup like Kyte seem like a dinosaur.