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Uber UBER+0.76% on Thursday said it is teaming up with U.K. artificial intelligence startup Wayve as the rideshare firm continues to invest in autonomous vehicle technology.
The strategic partnership includes an investment in London-based Wayve as an extension of the startup’s $1.05 billion Series C fundraising round, which was led by Japanese investment bank Softbank SFTBY+4.57% and announced in May. Microsoft MSFT-0.04%, which has been aggressively investing in AI technology and responsibility practices, and chipmaking giant Nvidia, also joined the Series C funding round.
Though Uber UBER+0.76% did not say how much it invested in Wayve, its latest round was previously valued at $1.05 billion. The seven-year-old company had raised a $200 million Series B in 2022 and a $20 million Series A in 2019.
“Wayve is building a ‘general purpose’ driving Al that can power all levels of driving automation in any type of vehicle, anywhere in the world,” Wayve CEO Alex Kendall said in a statement.
Wayve’s self-driving vehicles are expected to eventually become available on Uber’s network in multiple markets around the world, the companies said in a statement. Wayve has previously said that its Series C funding will help it expand into new markets, attract global talent, and build geographically diverse data assets.
The firm has conducted trials on public roads in the U.K. since 2018. In May, the U.K. passed a law outlining standards for the rollout of autonomous vehicles in the country by 2026.
The influx of cash will also support Wayve’s development and launch of so-called “embodied AI,” which it describes as the “next frontier of AI innovation.” The technology is intended to allow vehicles to interact with and learn from human behavior in real-world environments. Wayve says its technology has the potential to enhance the safety of autonomous vehicles, which — if perfected — can make the roads much safer for humans.
It’s another sign that Uber is betting its future on self-driving vehicles, especially as companies such as Google’s Waymo, General Motor’s Cruise, and Tesla continue to develop their technology.
“Wayve’s advanced Embodied AI approach holds a ton of promise as we work towards a world where modern vehicles are shared, electric and autonomous, Uber CEO Dara Khosrowshahi said in a statement. “We’re thrilled to bring Wayve on as a partner to work alongside automakers as we continue to build out Uber as the best network for self-driving vehicles.”
The Uber executive recently traveled to China to met with BYD BYDDY+3.76% Chairman Wang Chuanfu to discuss the companies’ partnership. They plan to put some 100,000 Uber drivers in BYD’s electric vehicles and work together on autonomous vehicles.
Uber is also currently working with Google’s Waymo to provide autonomous rides in Phoenix and just last week announced a multiyear partnership with Cruise. In some parts of the U.S. and Japan, Uber offers autonomous deliveries through driverless cars or robots.
Uber in 2020 sold off its self-driving car project to Aurora Innovations AUR+8.75%, which agreed to let its driverless vehicles eventually operate on Uber’s services. The firms have since teamed up to work on driverless trucks as part of Uber’s freight division. Uber also has a partner in Waabi, the driverless truck startup led by Raquel Urtasun, who previously led Uber’s research into driverless vehicles.