Grab Invests $60M in Vay, Germany's Leading Remote Driving Startup

German Remote Driving Startup Vay Secures $60M from Singapore's Grab In a significant move, Vay, a Berlin-based startup offering remote-controlled rental cars, has secured $60 million in cash from Singaporean tech heavyweight Grab. The deal, subject to regulatory approval and expected to close by the end of the year, may be followed by an additional $350 million as joint milestones are achieved within the first year, according to Vay CEO Thomas von der Ohe. The investment is a testament to the growing interest in autonomous vehicles and the increasing willingness of investors to back smaller companies in the sector. With this funding, Vay plans to scale and expand its operations in the United States, where it is currently operational in Las Vegas, having launched in January 2024. The company's technology and human operators remotely drive rental cars to and from customers, and it aims to replicate this model in other U.S. cities. The deal highlights the significant investment being made in the autonomous vehicle sector, with Vay's valuation potentially reaching up to $410 million, including the additional funding. This investment is a vote of confidence in Vay's technology and business model, which has shown promise in the U.S. market. The autonomous vehicle sector is experiencing a moment of growth, with smaller companies like Vay able to raise significant funding. This trend is driven by the increasing demand for autonomous transportation solutions and the growing interest in electric and shared mobility. As a result, companies like Vay are well-positioned to capitalize on this trend and expand their operations in the coming years. Vay's technology uses a combination of remote control and human operators to drive rental cars to and from customers. This approach allows the company to operate in areas where regulatory clarity is lacking, such as in Germany, where it has recently gained regulatory approval. The company's focus on remote-controlled rental cars sets it apart from other autonomous vehicle companies, which are often focused on developing fully autonomous vehicles. The investment from Grab is a significant milestone for Vay, and it is expected to accelerate the company's growth and expansion plans. With this funding, Vay will be able to scale its operations in the U.S. and expand its reach into new markets. The company will need to hit certain milestones in the U.S. to unlock additional investment from Grab, including the number of U.S. cities covered, regulatory approvals obtained, and overall consumer revenue. As the autonomous vehicle sector continues to grow, companies like Vay are well-positioned to capitalize on this trend. With significant investment and a growing interest in autonomous transportation solutions, Vay is poised to become a major player in the sector. The company's focus on remote-controlled rental cars and its ability to operate in areas where regulatory clarity is lacking make it an attractive investment opportunity for companies like Grab.