Driverless vehicle company Conigital has secured £500 million in Series A+ funding.
The funding, a combination of equity and debt, is the result of a strategic partnership with a global private equity infrastructure firm which manages £150 billion in assets.
In the meantime, Conigital will initiate a bridge financing round of £12m to bolster existing commitments.
Founded by Don-Paul Dhaliwal in 2015, Conigital 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.
It says its simulation-first approach ensures scalability, rapid iteration and solidifies Conigital’s role in the driverless technology arena. It also facilitates early commercialisation within closed and semi-closed environments such as airports, ports, logistic yards, Industrial sites and smart campuses.
Headquartered in Birmingham and operating in Australia, Brazil, and India, the company has established strategic academic alliances with Coventry University, University of Essex and Queensland University of Technology.
“Following over a year of discussions, we’re thrilled to secure an offer of £500 million in Series A+ funding,” said Don Dhaliwal, CEO.
“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.”