Self-driving startup Wayve raises $1.5 Billion for robotaxi wars

"Wayve, the UK autonomous driving software startup, has raised $1.5 billion in funding at an $8.6 billion valuation as it prepares to go up against Chinese and US rivals to roll out self-driving taxis. The funding comprises $1.2 billion from lead investors Eclipse Ventures LLC, Balderton Capital and SoftBank Vision Fund 2, with participation from Ontario Teachers' Pension Plan, Baillie Gifford and the British Business Bank among others."

"Uber committed an additional $300 million tranche, contingent on Wayve hitting certain milestones, to launch self-driving taxis running on the startup's software, starting in London this year. The UK capital has emerged as a testing ground for self-driving car companies globally, with California's Waymo set to roll out a commercial robotaxi service in the city later this year."

"The company was founded in 2017 by two machine learning PhD students at Cambridge University, and offers software to enable cars to learn, perceive, understand and navigate complex real-world environments. Rather than relying on traditional rule-based software, Wayve mostly aims to deploy its software with partners rather than managing large, expensive fleets of its own vehicles."

Wayve, a UK autonomous driving software startup, secured $1.5 billion in funding at an $8.6 billion valuation to compete with Chinese and US rivals in self-driving taxi deployment. Lead investors include Eclipse Ventures, Balderton Capital, and SoftBank Vision Fund 2, with participation from Ontario Teachers' Pension Plan, Baillie Gifford, and the British Business Bank. Existing backers Microsoft, Nvidia, and Uber also invested, with Uber committing an additional $300 million contingent on launching self-driving taxis in London. Founded in 2017 by Cambridge University machine learning PhD students, Wayve develops software enabling vehicles to learn and navigate complex environments. The company deploys software through partners rather than managing its own vehicle fleets, providing cost advantages over competitors like Waymo.

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