Uber Pumps Capital Into Nvidia-Backed Wayve's Series C Funding Round

Author: Benzinga Neuro | August 29, 2024 09:17am

In a recent strategic move, Uber (NYSE:UBER) has announced a partnership with Wayve, a U.K.-based startup Embodied AI for autonomous driving. The ride-hailing giant has also invested in Wayve’s Series C funding round.

What Happened: As per a press release on Thursday, Wayve and Uber have teamed up to accelerate the development of self-driving technology. Uber’s investment is an extension of Wayve’s ongoing Series C fundraising round.

With Uber’s financial support, Wayve aims to expedite its collaboration with global Original Equipment Manufacturers (OEMs) to equip consumer vehicles with Level 2+ advanced driver assistance and Level 3 automated driving capabilities. The company also plans to create globally scalable Level 4 autonomous vehicles for future deployment on Uber.

Wayve’s approach to Autonomous Vehicle (AV) technology focuses on mapless end-to-end AI, enabling automated vehicles to operate without geofenced limits. The partnership envisions Wayve-powered self-driving vehicles on the Uber network in multiple markets worldwide, bringing Wayve's leading technology to Uber's over 150 million monthly global users.

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Alex Kendall, Co-founder and CEO of Wayve, expressed his enthusiasm about the partnership, stating that it would “massively ramp up our AI's fleet learning, ensuring our AV technology is safe and ready for global deployment across Uber's network.”

Why It Matters: This partnership follows Uber’s previous investments in autonomous vehicle technology. In June, Uber, along with Nvidia Corp. (NASDAQ:NVDA) and Volvo, invested $200 million in autonomous trucking startup Waabi.

In August, Uber announced a strategic partnership with General Motors‘ Cruise to bring autonomous vehicles to its platform. This partnership shed light on Uber’s future business model for autonomous car makers.

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Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

Posted In: NVDA UBER