Microsoft-backed Wayve secures $1.5bn for global robotaxi expansion

Wayve is accelerating its international robotaxi goals with new financing as it gears up to compete with Waymo in London.

The UK-based autonomous vehicle software company revealed early Tuesday that it secured $1.5 billion from numerous significant tech firms and major car manufacturers.

The investment round, valuing the startup at $8.6 billion, features $1.2 billion from investors like Microsoft, Nvidia, and Uber, in addition to Mercedes-Benz, Nissan, and Stellantis.

It also includes extra funding from Uber linked to the deployment of Wayve-supported robotaxis worldwide. 

The agreement between the two firms includes launching self-driving vehicles on Uber's platform in over 10 global markets, starting with London this year. 

"We've been learning to drive on British roads for the last eight years, and so this is our home turf," Alex Kendall, CEO of Wayve, told Business Insider in an interview.

The CEO noted the recent fundraising is essential for advancing the company's goal to license its technology to major automobile producers and robotaxi fleet systems, such as Uber.

Unlike Tesla or Waymo, Wayve is exclusively focused on crafting software for companies eager to launch autonomous vehicles. It is not developing its own robotaxi fleet.

Kendall explained that owning a fleet incurs high costs, and Tesla's strategy of producing its own cars can limit flexibility as it confines the company to a single car model.

"Everyone desires autonomous driving, but not everyone wants to purchase a Tesla," he remarked.

Kendall highlighted that Wayve's AI driver is engineered to be versatile — similar to how a person can swiftly adapt to various cars and navigate unfamiliar cities.