British driverless vehicle company Conigital, which has operations in Australia, Brazil, and India, has secured an offer of £500 million in Series A+ funding.
Announced at this year Low Carbon Vehicle (LVC) Connected Automated Mobility (CAM) event, this investment, described as “transformative” and made up of a combination of equity and debt, is the outcome of a strategic partnership with a global Private Equity (PE) infrastructure firm, managing £150 billion in assets. Conigital says the infusion of funds underscores its “unwavering commitment to revolutionising transportation through innovation, safety, and sustainability”.
In a statement, the company says “The £500 million Series A+ funding signifies a defining moment for Conigital, catapulting them to the forefront of the driverless technology sector. This achievement reaffirms their dedication to reshaping the mobility landscape for generations to come, positioning them as the highest funded driverless vehicle startup in the UK and Europe.
“These funds, in the final stages of due diligence and set to conclude by year-end, will propel Conigital’s cutting-edge self-driving technology and driver safety products to new heights. The industry’s recognition of Conigital’s technological prowess and potential to redefine transportation norms is unequivocally endorsed by this substantial investment.”
Don Dhaliwal, CEO of Conigital, stated, “Following over a year of discussions, we’re thrilled to share an offer of £500 million in Series A+ funding. This monumental achievement signifies not only our unwavering commitment to transforming transportation but also the remarkable growth and commercial success we’ve achieved alongside a strong pipeline. This substantial capital infusion will empower us to attract top-tier talent, further develop our partner ecosystem, and execute an ambitious M&A strategy, propelling our expansion on both domestic and international fronts to realise our collective aspirations and exceed investor expectations.”
Conigital has developed its Hybrid Explainable AI and Simulation-first approach, complemented by their 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, rapid iteration, and solidifies Conigital’s role in the driverless technology arena.
The company adds this strategy facilitates early commercialisation within closed and semi-closed environments such as Airports, Ports, Logistic yards, Industrial sites, and Smart campuses and that this method underscores transparency in the decision-making processes of autonomous systems, fostering unwavering confidence and reliability amongst stakeholders.
The company adds: “Conigital’s accomplishments are further amplified through strategic academic alliances with esteemed 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 cutting-edge cloud and 5G communications infrastructure, contribute to a thriving ecosystem. This robust ecosystem cements Conigital’s vanguard position at the forefront of innovation within the dynamic driverless technology domain.
“While the funding process advances, Conigital remains resolute in their commitment to ongoing projects. To bolster their existing commitments, Conigital will initiate a bridge round of £12 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 finalisation of larger funds.”
(Picture – Conigital)