Wayve Announces $200 Million in Funding to Accelerate the Development of AV2.0.
Wayve, a London-based start-up reimagining autonomous mobility through embodied intelligence, announced a $200 million Series B backed by a prominent group of global financial and strategic investors.
Wayve’s AV2.0 technology is designed to be the most adaptable AV system for fleet operators. It combines the advantages of a lean, camera-first sensing suite with the embodied intelligence of an end-to-end deep learning system that continually learns from petabyte-scale driving data provided by Wayve's partner fleets, including Ocado Group, Asda, and DPD.
By using machine learning, Wayve is building a more scalable AV platform that can quickly and safely adapt its driving intelligence to new cities, different use-cases and vehicle types. This unlocks the potential to scale commercial deployments to other cities more quickly than the conventional AV approach, which typically relies on an expensive and complex array of sensors and is operationally limited by HD maps and rules-based control strategies.
Alex Kendall, Co-founder and CEO, Wayve said: “We were the first team to develop the scientific breakthroughs in deep learning to build autonomous driving technology that can easily scale to new markets using a data-learned approach. Today, we have all of the pieces in place to take what we have pioneered and drive AV2.0 forward. We have brought together world-class strategic partners in transportation, grocery delivery and compute, along with the best capital resources to scale our core autonomy platform, trial products with our commercial fleet partners, and build the infrastructure to scale AV2.0 globally.”
Wayve says it will use the investment to continue to grow its team, develop a Level 4+ AV prototype for passenger vehicles and delivery vans, scale its deployments on partner fleets to commence last-mile delivery pilots, and develop the data infrastructure to improve its core autonomy platform at fleet scale. Achieving this will improve the accessibility of AV technology, allowing more businesses and individuals to benefit from safer, sustainable and more reliable forms of transportation.
Microsoft will join as an investor. Wayve is using Azure, Microsoft’s cloud computing platform, to scale its machine learning platform. Azure is providing the compute and storage capabilities required to run autonomous driving development and testing workloads and conduct machine learning experimentation to improve autonomy performance.