Wayve, the self-driving car business preparing to launch robotaxis on UK roads, has raised £1.1 billion from investors including Uber, Microsoft and chip manufacturer Nvidia.
The company secured the funding through a round supported by major technology firms, institutional investors and car makers, with Uber providing additional funds to assist with driverless taxi plans.
The Series D funding round is one of the largest ever for a British start-up and values the London-based business at approximately £6.4 billion. Major car manufacturers including Mercedes-Benz, Nissan and Stellantis also provided capital as part of the agreement.
The investment arrives as the firm prepares to launch robotaxi trials in London later this year through a partnership with Uber. The company stated it will launch commercial trials in the city in 2026, with intentions to deploy its supervised autonomy software in consumer vehicles from 2027.
The technology employs artificial intelligence models that learn to drive by using video content and driving data to recognise patterns. US competitor Waymo has also announced plans to make its driverless private hire vehicles available in London from next year.
The funding round was led by Eclipse, Balderton and SoftBank Vision Fund 2, with further investment from the Ontario Teachers’ Pension Plan, Baillie Gifford, British Business Bank, Icehouse Ventures and Schroders Capital. Executives stated the capital will be used to accelerate the launch of the technology into commercial vehicles.
Wayve’s co-founder and chief executive, Alex Kendall, commented: “With 1.5 billion dollars secured, we are building for a total addressable market that spans every vehicle that moves. Autonomy will not scale through city-by-city robotaxi deployments alone. It will scale through a trusted platform that automakers and fleets can deploy globally and improve continuously.”
Uber chief executive Dara Khosrowshahi said: “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 (original equipment manufacturers) and geographies, which we’ll share more about soon.”
Technology Secretary Liz Kendall said: “Wayve is a powerful example of the strength, ambition and potential of Britain’s innovative firms. This fund raise demonstrates the international confidence in our brilliant AI sector and reaffirms Britain’s position as the leading scale-up ecosystem in Europe. We will continue to create the conditions for world-leading firms like Wayve to start, grow and scale, creating great jobs and opportunities for people in every corner of our country.”
Image source: Wayve
