AI-focused self-driving vehicle startup Wayve raises $1bn

To establish, compete and make a significant appearance in the realm of autonomous driving vehicles, a London-based firm that specialises in building AI systems for autonomous vehicles secured $1 billion.

Raising an uncommonly hefty amount in funding, the Wayve news is an indication of the persistently rising investor optimism in AI’s potential to transform the hard-fought EV industry where bigwigs like BYD and Tesla have been leading. That being the case, there's no point in looking up to Wayve vs Tesla or Wayve vs BYD.

Among a long queue, the biggest investor of Wayve was Softbank — the Japanese Conglomerate that backed Uber and various other tech giants — alongside Microsoft and Nvidia.

Read more: Waymo's robotaxi service to hit the streets in Los Angeles

To reflect on Wayve valuation, the European company did not reveal its valuation after having secured around $300 million in a separate funding round.

Wayve autonomous driving

Although Wayve does not come on par with prominent names in the industry being discussed, it has redefined the capabilities of automated driving since it was co-founded in 2017 by Alex Kendall, a Cambridge University doctorate student pursuing computer vision and robotics.

Since the technology is impressively costly, it takes a toll on their budget, thereby proving a less likely bout for vehicle firms to fight. What further worsens this domain for investors is the stringent regulatory framework imposed due to the complexities surrounding its development.

An example of this is the termination of Apple's "Apple Car" project also known as "Project Titan" and the removal of autonomous vehicles from roads by Cruise — the General Motors self-driving subsidiary.

“I’m incredibly proud that the U.K. is the home for pioneers like Wayve who are breaking ground as they develop the next generation of A.I. models for self-driving cars,” Prime Minister Rishi Sunak of Britain said in a statement.

Wayve Series C and Wayve Series B funding

Eclipse Ventures led the company’s $20 million Series A round in 2019, while also helping it secure $200 million in a Series B funding round in January 2022.