Conigital last week said it has secured an offer of £500 million ($619.3 million U.S.) in Series A+ funding. The Birmingham, U.K.-based company said the investment will enable it to advance its self-driving technology and driver safety products.
“Following over a year of discussions, we're thrilled to secure an offer of £500 million in Series A+ funding,” stated Don Dhaliwal, CEO of Conigital. “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 realize our collective aspirations and exceed investor expectations,” he added.
Conigital said it is dedicated to shaping a future defined by sustainable, autonomous, and secure mobility innovations. The company has operations in Australia, Brazil, and India.
Conigital focuses on AI, simulation, and allies
Conigital said it has taken a “hybrid explainable AI and simulation-first” approach that complements its Remote Monitoring and Teleoperation (RMTO) platform. This approach is intended to ensure scalability, rapid iteration, and Conigital's leading role in driverless technology.
In addition, Conigital said its strategy is intended to facilitate carly commercialization in closed and semi-closed environments such as airports, ports, logistics yards, industrial sites, and smart campuses. By providing transparency in the decision-making processes of autonomous systems, the company said it hopes to foster trust in reliability among stakeholders.
Conigital claimed that it has built a robust ecosystem with academic and global industry leaders. Its strategic alliances include institutions such as Coventry University, the University of Essex, and Queensland University of Technology.
The company has also collaborated with Amazon Web Services (AWS) and BT Group, which provide cloud and 5G communications infrastructure for its autonomous vehicle systems.
Bridge round is another investment opportunity
The Series A+ funding is a combination of equity and debt and the result partnership with an unnamed global private equity (PE) firm. Conigital declined to identify the PE firm but said it manages £150 billion ($185.7 billion) in assets.
The company asserted that its latest investment positions it as “the highest-funded driverless vehicle startup in the U.K. and Europe.” Conigital said the funding is in the final stages of due diligence and is set conclude by year's end.
In the meantime, Conigital is initiating a bridge round of £12 million ($14.8 million), offering investors an oppotunity to participate in its “transformative journey.” Prospective partners and investors can contact the Conigitals Investor Relations team and the PE firm at Investor.firstname.lastname@example.org.
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