£500m secured by ambitious driverless vehicle firm
A Birmingham driverless vehicle company has secured £500m in Series A+ funding, as it looks to be at the forefront of the driverless technology sector.
Conigital has received a combination of equity and debt investment from a partnership with a global private equity infrastructure firm, which manages £150bn in assets.
The pioneering British driverless vehicle company with operations in Australia, Brazil, and India, is looking to use the funding to expand across the globe whilst engaging with new partners.
Don Dhaliwal, CEO of Conigital, said: “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.”
The firm works closely with institutions including Coventry University, University of Essex and Queensland University of Technology as well as collaborating with global technology giants such as AWS and BT to create an ‘ecosystem’ that places Conigital at the centre of driverless technology.
Conigital will now initiate a bridge round of £12m as it looks for further investment.
The West Midlands Growth Company and the UK’s Office for Investment has facilitated Conigital’s growth ambitions through targeted introductions and senior governmental support to highlight and maximise UK opportunities to investors. The West Midlands Growth Company says it will continue to support with finding commercial property and enabling access to skills and other collaborations.