The European Investment Bank (EIB) has granted a €34 million loan to Berlin-based startup Vay, known for its remote-driving technology. This funding, backed by the EU's InvestEU guarantee programme, aims to support Vay's growth and operations across Europe.

Vay specializes in teledriving, allowing trained drivers to control vehicles remotely, enhancing transportation efficiency. After launching its first commercial service in Las Vegas in January 2024, the company plans to expand its door-to-door car-sharing services across Europe and North America, while also seeking partnerships with car manufacturers and industry leaders.

Revolutionizing Urban Mobility

EIB Vice-President Nicola Beer emphasized the importance of this investment, stating, “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's technology allows a teledriver to maneuver a vehicle to a customer’s pickup location. Once the vehicle arrives, the customer takes manual control for the duration of their journey. After the ride, the teledriver manages parking or drives the car to the next customer. This method not only provides a more sustainable and convenient transportation option but does so at approximately half the cost of traditional ride-hailing services.

One of the standout advantages of teledriving is the real-time human oversight it offers, allowing for immediate responses to dynamic traffic conditions. This capability sets teledriving apart from fully autonomous vehicles, which face complex legal and technical challenges.

Funding to Drive Growth and Innovation

Thomas von der Ohe, Co-founder and CEO of Vay, expressed enthusiasm for the EIB’s investment, noting that it will be critical in advancing their technology and supporting the company's growth objectives. “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,” he stated.

Vay holds a unique position in the European market as the only company authorized to operate on public roads without a safety driver. The startup made headlines earlier this year when it successfully expanded its operations to Las Vegas. Following rigorous testing in Hamburg, Germany, where they conducted trial runs without a safety driver, Vay is preparing to launch its commercial services in the city.

The EIB loan aligns with the objectives of the InvestEU programme, which aims to generate more than €372 billion in investment in new technologies by 2027. This programme focuses on promoting research, development, and innovation across various sectors, including transportation.

Commitment to Sustainable Urban Solutions

The investment by the EIB is not just a financial transaction; it signifies a commitment to fostering sustainable urban environments. Vay’s use of teledriving technology is anticipated to enhance the efficiency of electric vehicle utilization, potentially leading to fewer cars on the roads and less congestion in urban areas.

Vay is currently exploring opportunities to collaborate with cities and states across Europe and the United States to implement its teledriving services in more locations. Their efforts in Hamburg represent a critical step toward broader commercial rollout, with plans to engage further with regulatory authorities to ensure compliance and safety.

The EIB has a strong track record in venture debt, having invested over €2.1 billion in more than 100 ventures since 2015. This investment strategy is particularly beneficial for early-stage and growth-stage companies looking to scale.

The €34 million loan from the EIB marks a pivotal moment for Vay as it accelerates its international growth strategy and enhances its innovative teledriving technology. With a commitment to providing efficient and sustainable urban mobility solutions, Vay is poised to revolutionize the way people interact with transportation in Europe and beyond. As the company prepares for its upcoming launches, the support from the EIB will be instrumental in navigating the challenges and opportunities of the evolving mobility landscape.