German Remote-Driving Company Vay Backed by the European Investment Bank

The European Investment Bank (EIB) is lending €34 million to German teledriving technology startup Vay to help it develop its operations in Europe. The loan will enable the Berlin-based company to accelerate the development of technology that enables a vehicle to be safely driven on city streets by a professionally trained human driver located at a remote teledrive station.

Vay launched its first commercial service in the US city of Las Vegas in January 2024.

It plans to offer door-to-door car sharing in more cities in Europe and North America, while it also develops business-to-business partnerships with car manufacturers and other strategic players in the sector.  

Once the car arrives, the user takes manual control and drives as with any regular vehicle.

After the journey is complete, the user can exit without worrying about parking because a teledriver handles parking or drives the car to the next customer.

Vay says the system offers door-to-door mobility at half the cost of traditional ride-hailing.

It is the only company in Europe to operate on public roads without a safety driver.

Vay Co-founder and Chief Executive Officer, Thomas von der Ohe, says: “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. We share the same goal and are committed to promoting economic development within the European Union. Moreover, this investment will play a crucial role in strengthening the confidence and trust that EU regulators, partners and consumers have in Vay, paving the way for the commercial rollout of our services in European cities.”

EIB Vice-President, Nicola Beer, adds: “This investment once again demonstrates our commitment to supporting European tech pioneers with global ambitions, like Vay. Developed here in Europe, their innovative technology opens up new ways to make passenger and goods transport more efficient while delivering clean, efficient and inclusive urban mobility in our cities.”

Vay is actively engaging with several cities and states across Europe and the US to explore future launches of its teledriving service.