U.K. Start-Up Wayve Raises $200 Million for AI-Powered Self-Driving Tech
London-based autonomous driving company Wayve secures $200 million in a Series B funding round backed by Microsoft and Virgin. The start-up uses a machine-learning approach that relies on cameras instead of complex hardware stacks.
U.K. autonomous driving start-up Wayve raises $200 million in a Series B funding round backed by major investors including Microsoft, Virgin, and Baillie Gifford. This new capital brings the total investment in the London-based company up to $258 million and pushes its valuation past the $1 billion unicorn threshold.
Unlike traditional autonomous vehicle developers that rely on hand-coded rules and complex hardware stacks packed with LiDAR and radar sensors, Wayve takes a different approach. The company uses an AI-first system called AV 2.0 that relies on deep learning and a simple array of cameras to teach cars how to navigate independently.
Co-founder and CEO Alex Kendall explains that this machine-learning method allows the vehicle to see the world for itself and make its own decisions in highly complex environments like central London. While some rivals insist that multiple sensing modalities are necessary, Wayve believes deep learning provides a more scalable solution for global self-driving challenges.