EIB Grants €34 Million Loan to Vay for Teledriving Expansion in Europe

The company launched its first commercial service in Las Vegas in January 2024 and now aims to expand its door-to-door car-sharing services in both Europe and North America.

The European Investment Bank (EIB) has announced a €34 million loan to Vay, a German startup pioneering teledriving technology. This funding will accelerate Vay’s operations across Europe, further developing its innovative platform, which allows professionally trained drivers to remotely control vehicles on city streets. The company launched its first commercial service in Las Vegas in January 2024 and now aims to expand its door-to-door car-sharing services in both Europe and North America.

“This investment once again demonstrates our commitment to supporting European tech pioneers with global ambitions,” said EIB Vice-President Nicola Beer, adding that Vay's technology holds potential to improve urban transport efficiency and reduce environmental impact.

Pioneering Teledriving Technology

Vay’s service works by enabling remote teledrivers to operate vehicles, delivering them to a customer's location. Once the vehicle arrives, the user manually drives it to their destination. Upon completion, the customer can simply exit, and the remote teledriver takes over to handle parking or reroute the vehicle for the next customer. This system is designed to offer sustainable, cost-efficient mobility, reducing costs by up to 50% compared to traditional ride-hailing services.

Unlike fully autonomous vehicles, teledriving keeps a human driver in control, reducing technical and legal barriers and making the system simpler and safer to operate.

Expansion and Future Plans

Following successful test drives without safety drivers in Hamburg in 2023, Vay is working with German authorities to launch its first European commercial service. The company is also engaging with cities and states across Europe and the US to introduce teledriving in more urban areas.

Co-founder and CEO of Vay, Thomas von der Ohe, expressed pride in the EIB’s investment, noting that it will not only fuel their growth but also strengthen trust among EU regulators and consumers. Vay is committed to creating more sustainable, liveable cities through its electric vehicle fleet, aiming to optimize transportation while reducing the number of cars on the road.

EIB and InvestEU Support

The EIB loan is backed by the European InvestEU programme, which seeks to stimulate €372 billion in investment for new technologies by 2027. The deal aligns with the programme’s objective of promoting research, development, and innovation, further cementing Vay's position as a leader in teledriving technology.

Vay remains the only company in Europe operating on public roads without a safety driver, pushing the boundaries of future urban mobility with a focus on safety, sustainability, and technological innovation.