UK start-up Wayve to ‘raise another $20m’
One of the UK’s leading autonomous car start-ups, Wayve Technologies, is said to be on the brink of raising another $20 million, making it one of the best funded firms in the sector.
The Daily Telegraph has reported that the Cambridge-based company is near to finalising a round of funding with investors including Lastminute.com co-founder Brent Hoberman and California-based fund Eclipse.
Founded by Cambridge University graduates Amar Shah and Alex Kendall, Wayve is a team of Cambridge- and Oxford-educated graduates in robotics, computer vision and artificial intelligence.
The company believes that its sophisticated machine learning beats map-matching as a strategy for self-driving cars and can make them safer than their human-driver counterparts.
Like Tesla, Wayve eschews the use of Lidar, dismissing it as overpriced, and bases its tech its machine learning algorithms and standard cameras.
The company was initially funded by venture capital backers Fly Ventures, Compound and Firstminute Capital, and Uber chief scientist Professor Zoubin Ghahramani.
Eclipse chief Lior Susan has been named as a leader in the funding according to documents filed with Companies House. As part of the arrangement, it’s expected that Susan will join the Wayve board
Existing Wayve investors Balderton Capital and Firstminute Capital are set to up their investments, it’s claimed.
Wayve began testing autonomous cars in Cambridge in 2018 using a two-seater Renault Twizy.
The funding will put Wayve, along with Five AI and Oxbotica, at the forefront of UK start-ups in the space.
By Ray Molony
19 August 2019