Conigital (Cohort 4.0) secures £500M Series A+, becomes UK and Europe's best-funded driverless vehicle startup
29 Sep 2023
Published in: Cohort successes
The company retrofits and custom-builds driverless vehicles for industrial and commercial fleets.
Conigital (BetaDen's Cohort 4.0 alumni), a pioneering British driverless vehicle company, today announces it has secured £500 million in Series A+ funding.
The company is developing a full-stack "Lift and Shift" driverless vehicle platform ConICAV™ for any vehicle type. It retrofits and custom-builds driverless vehicles for industrial and commercial fleets for various use cases.
A pioneering remote monitoring and teleoperation platform complements a hybrid explainable AI and simulation-first approach which also ensures scalability and rapid iteration.
This further facilitates early commercialisation within closed and semi-closed environments such as airports, ports, logistic yards, Industrial sites, and smart campuses.
Conigital is operational in Australia, Brazil, and India,
The investment combines equity and debt and is the outcome of a strategic partnership with a global Private Equity infrastructure firm, managing £150 billion in assets.
It positions the company as the highest-funded driverless vehicle startup in the UK and Europe.
Don Dhaliwal, CEO of Conigital, stated:
"Following over a year of discussions, we're thrilled to secure 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."
The company has also formed strategic academic alliances with a range of academic institutions, including Coventry University, University of Essex and Queensland University of Technology.
It also collaborates with AWS and BT, who provide cutting-edge cloud and 5G communications infrastructure.
Conigital will initiate a bridge round of £12 million to bolster their existing commitments. This bridge financing safeguards uninterrupted progress as Conigital approaches the finalisation of larger funds.
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