Driverless vehicle startup Conigital says it secures £500M Series A+ funding offer with global private equity infrastructure firm
Conigital, a UK-based driverless vehicle company with operations in Australia, Brazil, and India, said it has secured an offer of £500 million (US$626 million) in Series A+ funding. This investment, a combination of equity and debt, is the outcome of a strategic partnership with a global Private Equity (PE) infrastructure firm, managing £150 billion (US$188 billion) in assets.
These funds, in the final stages of due diligence and set to conclude by year-end, will support the further development of Conigital’s self-driving technology and driver safety products.
Central to Conigital’s innovation is its Hybrid Explainable AI and Simulation-first approach, complemented by its Remote Monitoring and Teleoperation (RMTO) platform, through partnerships with industry-leading simulation pioneers IPG Automotive and others. This AI and simulation first approach ensures scalability and rapid iteration, the company says.
This strategy facilitates early commercialization within closed and semi-closed environments such as airports, ports, logistic yards, industrial sites, and smart campuses.
Conigital also has strategic academic alliances with institutions including Coventry University, University of Essex and Queensland University of Technology. These partnerships, combined with collaborations with global technology giants AWS and BT, who provide cloud and 5G communications infrastructure, contribute to the ecosystem.
While the funding process advances, Conigital will initiate a bridge round of £12 million (US$15 million). This presents an opportunity for interested investors to play an integral role in their transformative journey. This bridge financing safeguards uninterrupted progress as Conigital approaches the finalization of larger funds.