Technology
UK-based Wayve secures strategic investment from Uber to further develop autonomous driving technology
Uber is making a strategic investment in Wayve as an extension of the British startup’s previously announced $1.05 billion Series C funding round. The partnership will even see each firms work with automakers to integrate Wayve’s AI into consumer vehicles that can at some point run on the ride-hailing giant’s platform.
The tie-up comes per week after Uber announced that Cruise’s robot taxi would join the Uber app in 2025. It is the newest in a series of self-driving technology partnerships that Uber has secured over the past few years.
Details about Uber’s partnership with Wayve are scarce, however the startup has made a splash since its founding in Cambridge in 2017. Over the past two years, Wayve has raised greater than $1.3 billion from investors including SoftBank Group, Nvidia and Microsoft.
The startup is developing a self-learning, quite than rule-based, autonomous driving system—similar to Tesla’s AI. Like Tesla, Wayve doesn’t depend on lidar sensors. It uses cameras and radar to help its AI perceive the world around it. Unlike Tesla, Wayve is constructing its AI in order that other automakers can equip consumer vehicles with Level 2+ advanced driver assistance systems, in addition to Level 3 and Level 4 automated driving features.
SAE defines Level 3 and Level 4 autonomous driving systems are those who can operate autonomously under certain conditions. A driver still needs to be ready to take control of a Level 3 system, but not a Level 4 system. Wayve is currently still testing its L2+ technology in Jaguar I-Paces and Ford E-Transits with safety drivers behind the wheel, and has not begun testing L3 and L4, according to a Wayve spokesperson.
Wayve didn’t provide further details on the character of its agreement with Uber. In a press release, the corporate said the partnership “envisages future Wayve-powered autonomous vehicles being available on the Uber network.”
Neither Wayve nor Uber have provided a timeline for when Wayve-powered vehicles will likely be included in Uber’s app. They haven’t disclosed whether the vehicles will likely be fully autonomous or equipped only with advanced driver-assist technology. They haven’t said how much Uber is investing.
In a press release, Alex Kendall, CEO and co-founder of Wayve, said the partnership will help “significantly increase the AI learning capacity of our fleet, ensuring our AV technology is safe and ready for global deployment across the Uber network.”
Kendall also noted that Wayve and Uber will jointly “work with automotive OEMs to bring autonomous driving technologies to consumers faster.”
Uber CEO Dara Khosrowshahi said in a press release that Wayve’s approach to AI “holds enormous promise” as the corporate strives for “a world where modern vehicles are shared, electric, and autonomous.”
“We are excited to have Wayve as our partner to help us build Uber into the premier network for autonomous vehicles,” Khosrowshahi said.
In recent weeks, Uber has positioned itself as a super partner for self-driving startups looking to enter the market. A Waymo robotaxi joined Uber’s platform in Phoenix last yr. Uber has also partnered with firms which can be making autonomous sidewalk delivery robots, including Serve Robotics, Cartken and Coco – and autonomous freight startups like Waabi and Aurora, which aim to bring autonomous driving capabilities to Uber Eats and Uber Freight.
Technology
VC on how to “survive and thrive” after a round of losses
Founders hope their startups will continually raise larger rounds of funding at rising valuations. However, unexpected challenges, comparable to a global health crisis or a sudden increase in rates of interest, could have a significant impact on a company’s ability to maintain its valuations.
Some of these startups could have to resort to seed rounds, which is recent financing at a lower valuation than the corporate’s previous price. While founders and investors generally try to avoid inheritances, contrary to popular belief, these deals don’t necessarily have a devastating impact on a startup’s future.
“Our first investment when we founded the company in 2021 was to take stock of the company, which had to make a complete change during the pandemic,” said Nikhil Basu Trivedi, co-founder of Footwork, on the TechCrunch Disrupt 2024 stage. “Their initial business was in the university housing market, which was decimated when the pandemic hit.”
Footwork reset the corporate’s cap table and created a recent pool of stock options for the whole team, Basu Trivedi said, adding that the corporate’s recent business, a restaurant subscription platform called Table22, “managed to survive and thrive because of this experience.” Last week, Table22 announced Series A for $11 million led by Lightspeed Venture Partners.
Although definitely not all corporations which have to undergo a round of declines make a full recovery. Elliott Robinson, a partner at Bessemer Venture Partners, said on stage that if a company is struggling, “there’s a pretty good chance that someone else in your space or a competitor is struggling with a lot of the same challenges.”
Robinson encouraged startups in these positions to stay the course. “If you lose a defensive round, there’s nothing wrong with that,” he said. “In a difficult market environment, this might actually be a victory. You may not see or feel it until the fourth quarter or six, but most of the time the market can open up to you if you happen to’re willing to hang in there.
Notable corporations which have seen valuation hits include Ramp, which was valued at $5.8 billion last yr, a 28% reduction from its previous price of $8.1 billion. The fintech gained some of its value in April this yr when Khosla Ventures valued it at $7.65 billion.
Down rounds weren’t quite common throughout the pandemic boom, but their incidence as a percentage of total deals has greater than doubled from 7.6% in 2021 to 15.7% according to PitchBook data in the primary half of 2024.
Startup prices dropped significantly after the US Fed raised rates of interest, and many corporations’ valuations remain inflated relative to their performance, said Dayna Grayson, co-founder of Construct Capital. Some of these corporations are likely considering probate rounds, but many founders find such deals very stressful.
In the probate round, employees and founders receive a smaller percentage of ownership of the corporate.
“I think the scariest thing for a lot of founders is managing morale,” Grayson said. “But you can absolutely motivate people through down rounds.”
Robinson, who has guided three portfolio corporations through periods of decline and decline over the past yr and a half, explained how investors motivated employees and executives at one of those corporations to stay engaged after a round of declines. He explained that while everyone at the corporate experienced a valuation loss, investors created a bonus pool to reward the whole team with money bonuses in the event that they managed to achieve a 60% revenue increase inside a certain time-frame. Robinson said founders and top executives can even receive additional capital in the shape of stock options in the event that they meet certain revenue goals.
“This allowed us to make the company-wide goals and management goals very clear,” he said, adding that it “reminded people that the core business is still solid.”
Many enterprise capitalists are currently wondering what is going to occur when multiple AI corporations raise capital at high valuations.
“I think it would be hard to argue that there aren’t overly inflated valuations in the market right now,” Grayson said.
Basu Trivedi, who has invested in several AI startups including AI detector GPTZero, said many AI corporations “have the fundamentals to justify the hype and valuations,” but later added that it’s still hard to say. which artificial intelligence corporations will succeed. “Some of these categories are very competitive,” he said. “There are about 20 companies that do something really similar.”
Technology
The murder trial of technical director Bob Lee is entering its next phase
Roughly 19 months after the fatal stabbing of technology executive Bob Lee in San Francisco captured national attention, the trial of the person accused of killing him, tech entrepreneur and consultant Nima Momeni, will soon begin.
This needs to be fascinating, if the prosecutor’s newly concluded case against Momeni is any indication. According to the San Francisco Standard, here’s the deal chief police investigator took jurors through the myriad twists and turns of a two-day drug bust involving Lee with Khazar Momeni, the defendant’s sister, including the alleged sexual assault of Khazar Momeni by Lee’s friend, a drug dealer, and Nima Momeni’s attack on Lee, which was stabbed 3 times with a kitchen knife.
Certainly, the main points show that Lee’s death had nothing to do with homelessness in San Francisco because it did initially assumed. On the contrary, the case to this point has included many details that would have been seen on an episode of “Law & Order,” from cell phones to the resale of a BMW to a dealership to video evidence from The Battery, a preferred private social media site. club in the town.
Technology
Upwind, an Israeli cloud cybersecurity startup, raises $100 million at a valuation of $850-900 million, sources say
Cybersecurity continues to be of great interest to enterprises on the lookout for higher protection against malicious hackers, and VCs wish to be a part of it. In a recent example, TechCrunch learned and confirmed this Against the wind — a specialist in assessing and securing cloud infrastructure — is closing in on a $100 million round at a post-money valuation of $850-900 million.
New and existing investors participating within the round include Craft Ventures, Greylock, CyberStarts, Leaders Fund, Omri Casspi’s Sheva Fund and basketball star Steph Curry’s Penny Jar investment fund. The round is in the ultimate closing phase – this might occur inside a few days – and will include additional investors.
The round, a Series B, comes hot on the heels of the corporate acquiring “dozens” of Fortune 500 corporations and growing its workforce to about 160 people, the source said.
This is a significant step for Upwind, which previously raised just over $77 million, including: $50 million round in September 2023. Upwind’s latest round valuation was $300 million. It will spend part of the funds on research and development, and part on employment, and plans to employ about 100 people in Israel, San Francisco… and Iceland.
Upwind was founded by Amiram Shachar, who sold his previous company, cloud expense management startup Spot.io, to NetApp for $450 million. It is an element of a guard of cybersecurity startups founded in Israel by teams that cut their teeth originally working in areas corresponding to military intelligence.
In this case, it’s also one of many corporations within the industry specializing in cloud vulnerabilities through a platform approach. Specifically, Upwind goals to take care of the flood of alerts which are typically generated by threat detection tools. It claims to cut back the number of these alerts by 90% to focus security operations teams more on understanding real threats and responding to them faster.
The company’s technology includes cloud services (including areas corresponding to vulnerability management and identity security), workloads (including container security and detection and response), and applications (including areas corresponding to API vulnerability management). To some extent, all of these issues are interconnected, which is one of the the explanation why a platform approach is smart.
We will update this post as we learn more.
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