The Series B funding round brings the startup’s total fundraising to $258 million and includes new investments from venture capital firms D1 Capital Partners, Moore Strategic Ventures and Linsey Capital, as well as fresh capital from investors including Microsoft.
see photosWave raises $200 million from investors to grow its autonomous driving technology globally
British self-driving technology startup Wayway said on Tuesday it has raised $200 million from investors to scale its autonomous driving technology globally and launch more pilot projects with commercial fleet partners.
The Series B funding round brings the startup’s total fundraising to $258 million and includes new investments from venture capital firms D1 Capital Partners, Moore Strategic Ventures and Linsey Capital, as well as fresh capital from investors including Microsoft.
Making taxis autonomous has proved more difficult and costly than expected, but investors are pouring money into self-driving technology for trucks and other commercial vehicles where automation may soon become viable.
London-based Wave’s technology relies on machine learning that uses camera sensors mounted on the outside of a vehicle, rather than the traditional way of relying on detailed digital maps and coding to tell vehicles how to operate.
“Instead of telling the car how to drive, we’ve built a system that learns to drive and can learn to do intelligent things,” Wave CEO Alex Kendall told Reuters.
London-based Wave’s technology relies on machine learning that uses camera sensors mounted on the outside of the vehicle
He noted that, for example, the company’s test vehicles have learned to navigate correctly through traffic lights in London “very forcefully” – knowing which lane to be in how traffic lights work. and how to interact with other vehicles, even if they are breaking the rules. Last year Wave took vehicles to five other UK cities and drove through traffic lights in those cities without having ever driven before.
“Our system was able to take the traffic light concept from London and apply it everywhere,” Kendall said. “That’s why we will be the first company to deploy in a hundred cities (worldwide),” he said without giving a time frame.
UK-based online grocery technology company Ocado has invested in Wayve and announced autonomous delivery trials with the startup.
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Wayve is also running an autonomous delivery trial in London with British supermarket chain Asda.
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