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Using Vay’s app, customers can summon an electric car that is remotely piloted to their location.Once the vehicle arrives, the customer takes control and drives as they would any standard car. At the trip’s end, the rider exits and a remote operator resumes control.According to Grab, the funding will help Vay scale up and grow in the US, while bolstering Grab’s own mobility offerings and accelerating its capabilities in autonomous and teleoperated driving over time.Vay CEO and co-founder Thomas von der Ohe said: “As we plan to deploy tens of thousands of shared, electric, driverless vehicles over the coming years, we couldn’t be more excited to have one of the best operators in the world join us on this journey.”Grab plans to leverage its strengths in marketing, product, fleet operations, and market entry to aid Vay’s US expansion, and will assess how Vay’s teleoperation model could complement Grab’s services in Southeast Asia.Grab added that operational data collected from Vay’s vehicles could accelerate artificial intelligence (AI) model training, improving autonomous systems’ perception in real-world environments.Grab CEO and co-founder Anthony Tan said: “We believe the future of mobility in Southeast Asia will be a hybrid model that relies on the expertise of our driver-partners alongside autonomous vehicles and remote driving services.“This initial investment will help accelerate Vay’s remote driving technology development and create valuable technical and operational synergies for Grab’s long-term mobility strategy. It will also support Vay’s expansion in the US, where they serve a growing segment of consumers who prefer not to be car owners and are looking for more flexible, affordable, mobility options.”Grab will hold a minority equity stake at finalisation, with additional options that could lead to majority ownership on a fully diluted basis three years after closing.During the first year after closing, Grab can increase its stake by up to an additional $350m, contingent on financial and operational performance, regulatory approvals, and other conditions.Any follow-on investment could combine newly issued shares with secondary purchases from existing shareholders.The additional funding is tied to goals including consumer revenue thresholds, technology and safety milestones, and approvals to operate in more US cities.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,889.75 +14.00 (+0.20%)Dow Futures48,480.00 +112.00 (+0.23%)Nasdaq Futures25,712.75 +89.00 (+0.35%)Russell 2000 Futures2,464.00 +4.10 (+0.17%)VIX17.51 +0.23 (+1.33%)Gold4,215.30 +1.70 (+0.04%)PortfolioSign in to access your portfolioSign inTop gainersMH McGraw Hill, Inc. 14.09 +2.72 (+23.92%)CNTA Centessa Pharmaceuticals plc 26.70 +4.16 (+18.46%)BBAI BigBear.ai Holdings, Inc. 7.17 +1.11 (+18.32%)ONON On Holding AG 41.51 +6.33 (+17.99%)ORLA Orla Mining Ltd. 12.04 +1.46 (+13.80%)Top losersDGNX Diginex Limited 14.00 -2.35 (-14.37%)CRCL Circle Internet Group 86.30 -12.00 (-12.21%)RGTI Rigetti Computing, Inc. 28.30 -3.10 (-9.87%)MENS Jyong Biotech Ltd. 36.70 -3.96 (-9.74%)DQ Daqo New Energy Corp. 32.15 -3.46 (-9.72%)Most activeOPEN Opendoor Technologies Inc. 9.37 +0.89 (+10.50%)BBAI BigBear.ai Holdings, Inc. 7.17 +1.11 (+18.32%)PLUG Plug Power Inc. 2.7300 +0.2000 (+7.91%)NVDA NVIDIA Corporation 193.80 +0.64 (+0.33%)AMD Advanced Micro Devices, Inc. 258.89 +21.37 (+9.00%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 103,660.32 +293.16 (+0.28%)CSCO Cisco Systems, Inc. 73.96 +2.25 (+3.14%)CRCL Circle Internet Group 86.30 -12.00 (-12.21%)ETH-USD Ethereum USD 3,538.61 +97.42 (+2.83%)LPTX Leap Therapeutics, Inc. 2.0500 +1.6125 (+368.57%)Top economic events