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French driverless electric vehicle startup Navya vrooms €36M funding

Navya
Image credits: Navya

Navya, a French autonomous mobility company, announced that it has signed a funding agreement with a Dubai-based investment group Group for €36M. 

Under the agreement, the financing will be in the form of convertible bonds with an attached warrant allowing Negma to buy shares of Navya’s capital stock. Each share will have a nominal value of €2,500 and a 12-month maturity. 

The initial injection of €2.5M will allow Navya to pursue its technological roadmap, thus enabling its transition toward industrialisation and speeding up its entry into the markets of those regions where autonomous mobility solutions are in ever-increasing demand.

The funding will also help Navya to support its development cycle in the medium term and facilitate progress on its technological and commercial projects.

Elaf Gassam, chairman of the Negma Group, and Francois Houssin, managing partner of the Negma Groupsays, “Negma’s involvement in this exciting business project bears witness to our willingness to support the profitable growth of a future world mobility leader, capable of rolling out new forms of technology to meet the challenges of the ecological transition and the fluidity problems of the cities and private spaces of tomorrow on a global scale.”

Aims for Level 4 automation

Founded in 2014, Navya specialised in the supply of autonomous mobility systems and associated services. The French company aims to become a leading player in Level 4 autonomous mobility systems for passenger and goods transport. 

Navya’s Autonom Shuttle, the main development axis, is dedicated to passenger transport. 

Since its launch, more than 200 units have been sold in 25 countries as of 31 December 2021. On the other side, the Autonom Tract is designed for goods transport. 

Sophie Desormière, CEO of Navya says, “This funding operation is a logical step on our strategic roadmap toward growth. Our partnership with the Negma Group will enable us to speed up the development of Navya and boost our capacity in the markets where demand is high. This first investment plan means that Navya will be able to implement its technological roadmap with confidence and will be in a position to deploy locally at scale in strategic regions like the Middle East. With its innovative and flexible funding solutions, the Negma Group is a strategic investor that provides the opportunity for high-potential companies like Navya to scale up their activities. Along with the Supervisory Board, we are delighted to be able to count on such support for our growth and for building sustainable autonomous mobility, both of which will contribute to our success.”

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