Mentioned:
GRAB -3.76% NVDA -6.20%
Grab Holdings is betting on something new: remotely driven electric vehicles.
What’s happening:
- Grab Holdings (NASDAQ: GRAB) has made a strategic investment of $60M USD into remote driving startup Vay Technology
The big idea:
- Vay Technology uses remote drivers in control centres to operate electric vehicles and deliver them to individuals who want to rent a car
- Vay Technology leverages human remote drivers, cameras, sensors and live video feeds to operate vehicles from a distance as well as Nvidia’s (NASDAQ: NVDA) DRIVE AGX computing platform
Why it matters:
- Vay Technology is the first company to ever win an approval to operate remotely driven vehicles within Europe
Going deeper:
- Grab Holdings has publicly stated they will invest up to an additional $350M USD into Vay Technology upon successfully hitting specific milestones
- Vay Technology is now operating across multiple countries in Europe and in Las Vegas, Nevada
