Vay raised $95 million from Kinnevik, Coatue and Eurazeo.

Vay, a Berlin, Germany-based startup developing driveless technology for self driving cars, announced completing a $95 million funding deal.

The money was raised from investors including Kinnevik, Coatue and Eurazeo, joined by Atomico, La Famiglia, Creandum, Project A, Visionaries Club and signals Venture Capital. The former Google CFO Patrick Pichette, and Cristina Stenbeck, the daughter of the founder of the Swedish investment holding Kinnevik, also put money in the round.

The deal was announced as the company intends to launch a car-rental service in Hamburg in 2022, whereas customer could use a mobile app to book an electric car that would be delivered to the pick-up location by a driver steering the vehicle remotely. The customer could then drive it like a normal car and the remote operator moves to steering a different car.

Vay was founded in 2018 as Ree Technologies by CEO Thomas von der Ohe, Fabrizio Scelsi, and Bogdan Djukic and has mostly been operating in stealth for the development of a driverless, safety-certified, commercial fleet to be deployed in Europe. In the fall of 2021, it went public with its plans as it announced that it raised $30 million in fudning from multiple private investors including Atomico, Creandum, LaFamiglia, System.One, Visionaries Club, Signals.

It also said that it will go to market by providing affordable mobility services handled by teledrivers to citizens who are currently underserved by existing transport solutions, whether that is in city centers, suburban or rural areas. Vay currently uses KIA Nero electric cars and plans to tie-up with other car companies. It has offices in Berlin, Germany, and Portland, USA.