What’s going on here?
Uber is investing in British self-driving technology startup Wayve to accelerate the development of autonomous driving systems.
What does this mean?
Uber’s new investment supports Wayve’s ambitious $1.05 billion Series C funding round, led by SoftBank Group last May. Wayve’s unique “embodied AI” technology is characterized by its ability to learn and adapt to human behavior, and is aimed at improvements in Level 2 and 3 driver assistance systems. These systems can take on tasks such as lane keeping and following distance, with Level 3 being able to drive itself under certain conditions but still requiring driver attention. Uber has further goals and expects to progress toward Level 4 autonomous vehicles that can handle most driving conditions on their own. However, developing fully autonomous vehicles has been more complex and costly than expected due to software difficulties in quickly predicting and assessing risks, especially in unpredictable “edge cases.”
Why should I care?
For markets: Innovation fuels competition.
Uber’s investment in Wayve represents a significant foray into a highly competitive field where numerous technology companies are vying to dominate autonomous driving. The capital injection into Wayve underscores the company’s confidence in its embodied AI technology and its potential to lead the market. This move could spur further investment and collaboration within the industry and potentially accelerate the timeline for fully autonomous vehicles.
The overall picture: A step towards safer roads.
The far-reaching impact of Uber’s investment goes far beyond ridesharing. The successful deployment of Level 4 autonomous vehicles could revolutionize transportation, reduce traffic fatalities, and transform urban planning. By overcoming significant hurdles in predicting and responding to unexpected driving conditions, companies like Wayve are paving the way for safer roads and more efficient driving.
