Wayve’s self-driving technology attracted a diverse group of investors, including three automakers, top venture and institutional firms, and returning backers Microsoft, Nvidia, and Uber in the company’s recent $1.2 billion funding round. The total raise could reach $1.5 billion, thanks to Uber’s additional $300 million to deploy robotaxi, starting in London.
It seems everyone wants a stake in the British startup, which is currently valued at $8.6 billion. This funding round demonstrates the eagerness of tech giants, established automakers and the investor community to profit from the booming autonomous driving industry.
Wayve offers what founder and CEO Alex Kendall calls a “paradoxical” option in automated driving. This is a paradox both in its approach to technology and its business model, he told TechCrunch in an interview Tuesday.
“The technology chessboard has been set around where different companies have invested in their technology strategies, and I think the commercial chessboard is now being laid out,” Kendall said. “We have taken a very paradoxical view of the technology. We were the first to build end-to-end deep learning for autonomous driving and pioneered this approach. Now, as we move toward commercialization, we are taking a reverse business model approach.”
Wayve, launched in 2017, uses a self-learning approach to its software. The company developed a software layer using an end-to-end neural network to teach vehicles how to drive using only data, without the need for high-definition maps.
This data-driven learning approach underpins two products: an “eyes on” assisted driving system and an “eyes off” fully automated driving system that can be applied to robotaxi or consumer vehicles that can handle all driving tasks in specific environments.
What the company is offering to customers is the agnostic nature of the technology, which does not rely on specific sensors or maps. Automated driving software captures data from all the sensors in the vehicle and directs the system’s driving decisions. Wayve’s software can also run on any chip that OEM partners already have in their vehicles.
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However, it is important to note that Nvidia, which is also a sponsor, has had a close development relationship with Wayve since 2018. The startup’s Gen 3 platform, unveiled last fall, uses an in-vehicle computing autonomous vehicle development kit called Nvidia Drive AGX Thor. The Gen 3 platform will allow Wayve to deliver advanced, discreet driving assistance systems and Level 4 (or fully driverless) capabilities that operate on city streets and highways.
The company’s technology is somewhat similar to Tesla’s approach to self-driving, but there are key differences in its business model.
Wayve doesn’t want to be the operator of hands-free driving assistance systems or “eyes-off” fully automated driving systems. (For comparison, Waymo has partners, but is primarily an operator of robotaxi.) Wayve also doesn’t want to build vehicles that come bundled with its own software like Tesla does. Instead, it’s selling “embodied AI” to automakers and other tech companies like Uber.
Kendall claims this is the business model with the largest market, but says it’s viable because Wayve has built AI that generalizes across different hardware and environments.
“If you’re building an autonomy stack that’s specific to sensors or compute architectures or where you need mapping or whatever, you can’t choose option 3,” Kendall said, referring to the business model his company has chosen.
Both Nissan and Uber are Wayve customers. Nissan said the startup’s self-driving software will be used to power its cars’ advanced driver assistance systems starting in 2027. Meanwhile, Uber plans to begin commercial trials in vehicles equipped with Wave’s software later this year.
But the relationship with Uber looks set to extend beyond the pilot program. A statement from Uber CEO Dara Khosrowshahi on Tuesday hinted at the scope of the partnership and investment with Wayve.
“We are very proud to continue deepening our partnership with Wayve, with plans to deploy together in more than 10 markets around the world. Wayve’s robust end-to-end approach is purpose-built for scale, safety and efficiency, and we are excited to partner with Wayve across multiple OEMs and regions. We will share more about this soon.”
The round was led by Eclipse, Balderton and SoftBank Vision Fund 2. New investors include the Ontario Teachers’ Pension Plan, Baillie Gifford, British Business Bank, Icehouse Ventures, Schroders Capital and other global institutional investors.
Mercedes-Benz, Nissan, and Stellantis, global automobile manufacturers planning to utilize Wave’s technology, also participated. Nvidia, which participated in Wayve’s $1.05 billion Series C round, said last year that it was evaluating a strategic investment of $500 million in Wayve’s next round of funding. While Nvidia is involved, Kendall did not disclose the exact investment amount or whether it was closer to $500 million.
Updated to include more information about Uber’s additional $300 million in funding.
