London-based artificial intelligence company Wayve said on Wednesday it had raised $1.2 billion in fresh funding, underscoring growing investor confidence in autonomous vehicle technology as driverless taxis and advanced assisted-driving systems move closer to commercial deployment.
The financing round values the startup at about $8.6 billion and could increase to $1.5 billion if certain performance targets are met, making it one of the largest capital raises by a European technology startup in the sector. Venture firms Eclipse and Balderton Capital led the investment, joined by major technology and automotive companies including SoftBank, Microsoft, Nvidia, Uber, Mercedes-Benz, Nissan and Stellantis.
Wayve develops AI software that automakers can license rather than building autonomous systems in-house. Its technology uses camera data and sensors to enable vehicles to interpret surroundings and make driving decisions in real time, reducing reliance on pre-mapped routes. The company said the system can operate on vehicles produced by different manufacturers, potentially broadening its commercial reach.
Chief Executive Alex Kendall said the new funding marks a turning point for the business. The investment “signifies the transition from deep tech research and development into commercialization,” he said, adding that Wayve expects to launch driverless taxi trials with Uber in London later this year before expanding to other cities. Consumer vehicles incorporating the technology could reach the market by 2027, initially operating with a human driver present for supervision.
The startup is pursuing a different strategy from rivals such as Alphabet’s Waymo, which runs its own robotaxi service, and Tesla, which develops both vehicles and software. Instead, Wayve focuses solely on software licensing, allowing carmakers to integrate autonomous capabilities without building full systems themselves.
Despite strong investor interest, companies in the sector continue to face technical hurdles, regulatory scrutiny and uncertain paths to profitability. Wayve reported a loss of nearly $62 million in 2024, according to the latest available financial records, highlighting the high costs associated with developing autonomous driving technology.