Europe has emerged as a significant player in the global driverless technology market, with countries like Germany, the UK, and France leading the way. The European autonomous driverless cars market industry is projected to grow from $41.2 billion in 2024 to $345.2 billion by 2032. The region’s strong automotive industry, coupled with substantial investments in research and development, has created a favourable environment for autonomous vehicles. The increasing demand for safer and more efficient transportation solutions, coupled with advancements in technology, are drivers of this market.
Working in this segment, German teledriving technology startup Vay is the only company in Europe to operate on public roads without a safety driver. Developing automotive-grade technology for remote driving, the company has landed €34 million in funding led by the European Investment Bank (EIB) that recently backed Protembis. The EIB loan is supported by the InvestEU programme, which aims to trigger more than €372 billion in additional investment in new technologies until 2027. With this, the total funding raised by the company accounts for $110 million.
First commercial driverless vehicle service in Las Vegas
The EIB loan will enable the company to accelerate the development of technology, which enables a vehicle to be safely driven on city streets across Europe by a professionally trained human driver located at a remote teledrive station.
Having launched its first commercial service in Las Vegas in January 2024, Vay 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.
“This investment once again demonstrates our commitment to supporting European tech pioneers with global ambitions, like Vay,” said EIB Vice-President Nicola Beer. “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.”
Pioneer in driverless vehicle industry
Founded by Thomas von der Ohe, Fabrizio Scelsi, and Bogdan Djukic in 2018, Vay’s teledriving technology enables a remote driver aka teledriver to drive a vehicle from afar. Professionally trained teledrivers sit at a teledrive station with a steering wheel, pedals, and other vehicle controls developed to meet automotive industry standards.
It lets teledrivers drive vehicles to the customer’s pick-up location remotely. Once the car arrives, the user takes manual control and drives it as 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. The system offers more sustainable, door-to-door mobility at half the cost of traditional ride-hailing.
Vay is actively engaging with several cities and states across Europe and the United States to explore future launches of its teledriving service. In 2023, the company successfully conducted test drives without a safety driver on public roads in Hamburg, Germany. Following that significant milestone, Vay has been working closely with German authorities to prepare for the commercial launch of its service in Hamburg.
“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,” said Co-founder and Chief Executive Officer of Vay Thomas von der Ohe. “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.”
Is teledriving a new path to an autonomous future?
This human-machine collaboration suggests a promising new approach to autonomous vehicles. Starting with simpler functions like driving on highways at low speeds, Vay plans to gradually expand to more complex driving scenarios as technology advances. This approach known as teledriving could provide a safer and more efficient transition to a fully autonomous future.
The big bet on driverless startups
In recent times, Conigital, a Birmingham-based driverless vehicle startup, has secured a £500 million in Series A+ funding. With this, the company became the highest-funded driverless vehicle startup in the UK and Europe. The investment will propel Conigital’s cutting-edge self-driving technology and driver safety products to new heights.
In another important move, cementing the UK’s presence on the international stage of autonomous vehicles, Google acquired a stake in Oxa (Oxbotica), an autonomous vehicle tech startup. This collaboration is likely to enhance the capabilities of autonomous vehicles and contribute to the growth of the industry in the UK.
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