Wayve’s self-driving technology has attracted a wide range of investors in the company’s latest $1.2 billion funding round, including three automakers, leading enterprises and institutions, and backers Microsoft, Nvidia and Uber.
Everyone, it seems, wants a piece of the British startup, which is now valued at $8.6 billion. The funding round shows the willingness of Big Tech, the legacy automotive industry and the investor community to capitalize on the growing automated driving industry.
Wayve provides an alternative to the other options on the self-driving menu, founder and CEO Alex Kendall told TechCrunch in an interview on Tuesday. Or as he puts it, the “opposite” option — in its approach to technology, as well as its business model.
“I think the technology chessboard has formed around where different companies have invested in the technology strategy and now the commercial chessboard is being organized,” Kendall said. “We had a very opposite view from the technology side. We were the first to create end-to-end deep learning for autonomous driving and pioneered that approach. Now, when it comes to this phase of commercialization, we’re also taking an opposite business model approach.”
Wavelaunched 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 uses only data to teach the vehicle how to drive.
This data-driven learning approach is used for two products: an “eyes on” assisted driving system and a “eyes off” fully automated driving system that could be applied to robotic vehicles or consumer vehicles that can handle all driving in specific environments.
The company’s proposition to customers is the agnostic nature of its technology, which does not rely on specific sensors or maps. Automated driving software captures data from any sensors in the vehicle and directs the system’s driving decisions. Wayve’s software can also run on any 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 its autonomous in-vehicle computing development kit called the Nvidia Drive AGX Thor. The Gen 3 platform will enable Wayve to offer advanced driver assistance systems and Level 4 driverless functions that will operate on city streets and highways.
The company’s technology is somewhat similar to how Tesla has approached automated driving, although there are key differences in its business models.
Wayve does not want to be the operator of the hands-free driving assistance system or the fully automated driving system. (By comparison, Waymo is largely the operator of its robotaxis, though it has partners.) Nor does Wayve want to build vehicles with its own software, an approach taken by Tesla. Instead, it sells its “embedded AI” to automakers and other tech companies like Uber.
Kendall argues that this is the business model with the largest addressable market, but it’s only available because Wayve created an artificial intelligence that generalizes.
“If you build an autonomy stack that’s specific to a sensor or computing architecture, if you build it where you need mapping or something like that, then you can’t go for the third option,” Kendall said, referring to the business model option his company has chosen.
Nissan and Uber are both Wayve customers. Nissan said the startup’s self-driving software will be used to power its advanced driver assistance system in its cars from 2027. Meanwhile, this year Uber plans to begin commercial testing of vehicles equipped with Wayve’s software.
However, its relationship with Uber looks poised to extend well beyond a pilot program. Uber CEO Dara Khosrowshahi’s statement on Tuesday provided a hint of 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 grow together in more than 10 markets around the world. Wayve’s powerful end-to-end approach is purpose-built for scale, security and efficiency, and we are excited to work with them across multiple OEMs and geographies, which we will share more about.”
The round was led by Eclipse, Balderton and SoftBank Vision Fund 2. New investors include Ontario Teachers’ Pension Plan, Baillie Gifford, British Business Bank, Icehouse Ventures, Schroders Capital and other global institutional investors, the firm said.
Global carmakers Mercedes-Benz, Nissan and Stellantis – which plan to use Wayve’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 for the next raise. While Nvidia was involved, Kendall did not disclose the exact amount of its investment or whether it was close to that $500 million figure.
