Self-Driving Startup Wayve Offers Employees $85M Share Sale at $8.5B Valuation

Wayve, the UK-based autonomous driving company, is giving its employees a chance to cash in. The startup has launched an $85 million tender offer, allowing staff to sell a portion of their vested equity back to investors. The deal is backed by both existing and new investors, valuing the nine-year-old company at $8.5 billion - the same valuation it commanded during its $1.2 billion Series D round back in February.

That funding round, led by Eclipse, Balderton, and SoftBank Vision Fund 2, also drew in heavy hitters like Microsoft, NVIDIA, Uber, and Ontario Teachers' Pension Plan. This marks Wayve's second employee liquidity event; the first came alongside its $1.05 billion Series C in May 2024. The move is part of a broader trend among AI startups. Rather than waiting for an IPO or acquisition, companies are using tender offers to keep talent happy and prevent them from jumping ship to rivals or launching their own ventures once their options vest.

Wayve's approach to self-driving tech is distinct. Instead of relying on pre-built, high-definition maps, its system uses an end-to-end neural network that learns to drive purely from data - mimicking how humans learn through experience. The company is chasing a "general-purpose" AI driver that could work across different countries, cars, and road conditions. With headcount more than doubling to 1,200 employees over the past year, Wayve is now targeting robotaxi pilot launches in partnership with Uber later this year. It also plans to integrate its software into Nissan's driver-assist systems starting in 2027.

Source: TechCrunch