Wayve plans to use the funds to enhance its technology and expand its partnership network. Here are the top-line bullets you need to know.
Wayve, a provider of autonomous vehicle software, has raised $200M in a Series B round that drew participation from Microsoft, Eclipse Ventures, and Balderton Capital, among others.
HOW’S THE COMPANY PERFORMING?
- UK-based Wayve develops autonomous vehicle software using a camera-first approach and embedded artificial intelligence.
- Ocado and Asda have teamed up with Wayve to institute autonomous delivery trials.
- The company has around 120 employees across its offices in London and California.
- Wayve has tested its technology in London and 5 other cities across the UK.
Source: Wayve
WHY DOES THE MARKET MATTER?
- The global advanced driver assistance system market is expected to reach a value of $77.8B by 2027, growing at a CAGR of 18.8%, according to Global Industry Analysts.
- Autonomous vehicle tech is expected to go mainstream over the next 2 decades — and 40+ major corporates, including Google, Apple, and Mercedes Benz, have already launched self-driving vehicle initiatives.
- The Covid-19 pandemic has given autonomous driving technology a boost, as it can serve as a contactless, safe option for personal mobility and delivery services.
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