London-based Autonomous Vehicle Company Raises Capital
London-based autonomous vehicle company Wayve has raised $60 million from a group of global chipmakers including AMD, Arm, and Qualcomm Ventures. This funding round extends the $1.2 billion Series D Wayve raised in February from investors such as Nvidia, SoftBank, and Microsoft.
Details of the Funding Round
The recent investment follows Wayve’s significant $1.2 billion Series D round announced in February, highlighting the company’s rapid global expansion. The fresh funds will support Wayve’s ongoing development of self-driving software for carmakers.
Company Background
Founded in 2017, Wayve develops self-driving software for carmakers. The company recently signed a deal with Uber and Nissan to develop a fleet of robotaxis, with a pilot deployment expected in Tokyo later this year.
Market Context
The funding round underscores the intensifying competition in the self-driving vehicle sector, with Wayve gearing up to compete against established players like Google’s Waymo and Estonian unicorn Bolt. The investment from leading silicon companies signifies a strategic move to integrate and deploy self-driving technology at a global scale.
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Source: Sifted