financetom
Technology
financetom
/
Technology
/
Uber invests in UK startup Wayve to speed up self-driving projects
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Uber invests in UK startup Wayve to speed up self-driving projects
Aug 29, 2024 5:32 AM

LONDON (Reuters) - Ride-hailing platform Uber ( UBER ) will invest in Wayve to help the British self-driving technology startup work with major automakers to speed up the development of its systems, the two companies said on Thursday.

The companies did not disclose the size of the investment. But they said it would be added to the $1.05 billion in Series C funding Wayve announced in May, which was led by SoftBank Group.

Wayve has developed "Embodied AI" technology that it says can learn from and adapt to human behaviour.

The company said it would use the funding and support to accelerate the development of Level 2 and Level 3 driver assistance and automated driving functions with automakers, "while also working towards the development of globally scalable Level 4 autonomous vehicles for future deployment on Uber ( UBER )."

Level 2 systems are designed to perform basic tasks autonomously, such as staying in lane or maintaining a set distance from other cars, while Level 3 cars are meant to drive themselves, but require the driver to pay attention.

Level 4 autonomous vehicles are designed to drive themselves under most circumstances and take action on their own in dangerous situations.

While automakers and autonomous vehicle software companies have had more success with basic driver assistance functions such as lane-keeping systems, developing vehicles that can truly drive themselves has proven more difficult and much more expensive than many had expected.

Among the main challenges is that self-driving software systems have lacked humans' ability to predict and assess risk quickly, especially when encountering unexpected incidents or "edge cases" where autonomous vehicles get stuck because they cannot work out what to do.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Market Whales and Their Recent Bets on MSFT Options
Market Whales and Their Recent Bets on MSFT Options
Aug 29, 2024
Deep-pocketed investors have adopted a bearish approach towards Microsoft ( MSFT ) , and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MSFT usually suggests something big is about to happen. We gleaned this information from...
Samsung shows interest in Nokia mobile networks assets, Bloomberg News reports
Samsung shows interest in Nokia mobile networks assets, Bloomberg News reports
Aug 29, 2024
(Reuters) - Telecom equipment maker Nokia has been exploring options for its mobile networks business and has drawn interest from suitors including Samsung Electronics ( SSNLF ), Bloomberg News reported on Thursday, citing people familiar with the matter. Nokia has considered multiple options including a divestment, selling some or all of its mobile networks business which could be valued at...
Uber invests in UK startup Wayve to speed up self-driving projects
Uber invests in UK startup Wayve to speed up self-driving projects
Aug 29, 2024
LONDON (Reuters) - Ride-hailing platform Uber ( UBER ) will invest in Wayve to help the British self-driving technology startup work with major automakers to speed up the development of its systems, the two companies said on Thursday. The companies did not disclose the size of the investment. But they said it would be added to the $1.05 billion in...
The Analyst Landscape: 4 Takes On BigCommerce Holdings
The Analyst Landscape: 4 Takes On BigCommerce Holdings
Aug 29, 2024
4 analysts have shared their evaluations of BigCommerce Holdings ( BIGC ) during the recent three months, expressing a mix of bullish and bearish perspectives. The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total...
Copyright 2023-2025 - www.financetom.com All Rights Reserved