Wayve’s self-driving tech has attracted a diverse set of investors in the company’s latest $1.2 billion funding round, including three automakers, top venture and institutional firms, and returning backers Microsoft, Nvidia, and Uber. The total raise could reach $1.5 billion thanks to another $300 million from Uber contingent on deploying robotaxis, beginning in London.
Everyone, it seems, wants a piece of the U.K. startup, which is now valued at $8.6 billion. The funding round illustrates the eagerness among Big Tech, legacy automakers, and the investor community to profit from the burgeoning automated driving industry.
Wayve provides what founder and CEO Alex Kendall calls the “contrarian” option in automated driving — contrarian both in its approach to tech and its business model, he told TechCrunch in an interview Tuesday.
“I think the technology chessboard is set around where different companies have invested on the technology strategy, and now the commercial chessboard is being arranged,” Kendall said. “We took a very contrarian view on the technology side. We were the first to build end-to-end deep learning for autonomous driving, and we pioneered this approach. Now, when it comes to this phase of moving into commercialization, we’re also taking a contrarian business model approach.”
Wayve, which launched in 2017, uses a self-learning approach to its software. The company developed a software layer using an end-to-end neural network that doesn’t require high-definition maps and only uses data to teach the vehicle how to drive.
This data-driven learning approach underpins two products: an “eyes on” assisted-driving system and an “eyes off” fully automated-driving system that could be applied to robotaxis or consumer vehicles that can handle all of the driving in certain environments.
The company’s pitch to customers is the agnostic nature of its technology, which is not reliant on specific sensors or maps. The automated-driving software captures data from whatever sensors are on the vehicle and directs the system’s driving decisions. Wayve’s software can also run on whatever chip its OEM partners already have in their vehicles.
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It should be noted, however, that Nvidia, which is also a backer, has had a close development relationship with Wayve since 2018. The startup’s Gen 3 platform, which was unveiled last fall, uses an in-vehicle compute autonomous vehicle development kit called Nvidia Drive AGX Thor. The Gen 3 platform will allow Wayve to offer eyes-off advanced driving-assistance systems and Level 4 — or fully driverless — features that will work on city streets and highways.
The company’s tech is somewhat similar to how Tesla has approached automated driving, although there are key differences in their business models.
Wayve doesn’t want to be the operator of its hands-free driving-assistance system or its “eyes-off” fully automated-driving system. (For comparison, Waymo is largely the operator of its robotaxis, although it does have partners.) Nor does Wayve want to build vehicles bundled with its own software, as Tesla does. Instead, it is selling its “embodied AI” to automakers and other tech companies like Uber.
Kendall argues that this is the business model with the largest addressable market, but he says it’s only viable because Wayve built an AI that generalizes across different hardware and environments.
“If you build an autonomy stack that’s specific to a sensor or compute architecture, [or] if you build it where it requires mapping or something like this, then you can’t take option three,” Kendall said, referring to the business model his company has chosen.
Nissan and Uber are both Wayve customers. Nissan said the startup’s self-driving software will be used to beef up the advanced driver-assistance system in its cars starting in 2027. Meanwhile, later this year, Uber plans to launch commercial trials in vehicles equipped with Wayve’s software.
Its relationship with Uber appears poised to stretch well beyond a pilot program, though. Uber CEO Dara Khosrowshahi’s statement Tuesday hints at the scope of its partnership with and investment in Wayve.
“We are very proud to continue to deepen our partnership with Wayve, with plans to deploy together in more than 10 markets around the world. Wayve’s powerful end-to-end approach is purpose-built for scale, safety, and effectiveness, and we’re excited to work with them across multiple OEMs and geographies, which we’ll share more about 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, the company said.
Global automakers Mercedes-Benz, Nissan, and Stellantis — all of which plan to use Wayve’s technology — also participated. Nvidia, which participated in Wayve’s $1.05 billion Series C round, said last year it was evaluating a $500 million strategic investment in Wayve’s next raise. While Nvidia did participate, Kendall wouldn’t disclose the exact amount of its investment or whether it came close to that $500 million figure.
Updated to include more information on the $300 million in additional funding from Uber.
