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Like many of you, recent events have reinforced my belief in how susceptible our world is to software glitches. Yes, I’m referring to the CrowdStrike disruption. If you tried to travel last weekend like me, you likely encountered some challenges.
But there’s more happening beyond the technical mishaps that disrupted airlines, healthcare providers, suppliers, and banks. (And personally, I doubt a $10 Uber Eats voucher is sufficient as an apology.) It’s earnings season, which brings a slew of new topics for discussion (notably about Tesla, GM/Cruise, and Waymo.) Additionally, several intriguing startup deals caught our attention this week. Let’s delve in!
So, without further ado, let’s get started!
And before we forget, I’d like to highlight a recent episode of my podcast, Autonocast, featuring an engaging conversation with Alex Kendall from Wayve, discussing their AI-driven approach to autonomy in the UK.
A little bird
A confidential tip urged me to pay extra attention to Waymo and its strategic expansion in the San Francisco Bay Area, especially its efforts to facilitate access at the San Francisco International Airport.
According to emails released through a Freedom of Information Act request, Waymo has reignited dialogue with officials at the San Francisco International Airport and the city around April, aiming to secure authorization for airport pickups and drop-offs.
But remember, this is poised to be a lengthy process. This is merely the initial phase. Achieving access necessitates a distinct approval from the San Francisco Airport Commission.
Permits at the airport may be allocated at the discretion of the airport, as per SFO spokesperson Doug Yakel. Yet, acquiring this will not be straightforward and is expected to follow a similar, lengthy procedure that was experienced by Uber and Lyft when they initially sought access over a decade ago.
For Waymo to operate at SFO, a specific ground transportation permit is necessary, still pending approval. “As this represents a novel mode of transit, a new permit framework is warranted, akin to our approach a decade ago with entities like Uber and Lyft,” Yakel remarked when questioned. To delve into the full narrative, click here.
Have any tips? Feel free to reach out to Kirsten Korosec at kirsten.korosec@techcrunch.com, Sean O’Kane at sean.okane@techcrunch.com, or Rebecca Bellan at rebecca.bellan@techcrunch.com. Or explore these guidelines to discover how to communicate with us securely.
Deals!
Once again, we find ourselves discussing Waymo after Alphabet recently disclosed a substantial $5 billion investment in the company.
Industry speculation had been rife for some time regarding Waymo’s pursuit of new funding, making Alphabet’s announcement less of a surprise.
However, the nature of the investment, described as “multi-year” by co-CEO Tekedra Mawakana on social media platform X as “up to” $5 billion, does raise questions about conditional funding and milestone achievements necessary to unlock the full investment.
The absence of outside investors, despite their involvement in the past, is intriguing, especially given the challenging fundraising environment for autonomous vehicle companies. While firms like Motional, Wayve, and Stack have secured significant investments, others have found it difficult to secure the needed funds.
One lingering question is why other investors didn’t participate this time around.
Other interesting deals include…
ACEL Power, based in Vancouver, Canada, a pioneer in marine electric solutions, secured $10 million in Series A financing, led by Abu Dhabi’s Tau Capital.
Chope, the Singapore-based dining booking service, has been acquired by Grab for an undisclosed sum.
Monarch Tractor wrapped up a $133 million Series C investment, co-led by agri-food tech firm Astanor and HH-CTBC Partnership L.P., valuing the company beyond $500 million, as disclosed by CEO Praveen Penmetsa in conversations with TC’s Sean O’Kane.
ReliON, a Canadian startup focusing on EV infrastructure, raised CA$3 million, led by Diagram Ventures alongside MaRS Investment Accelerator Fund (IAF), AQC Capital, Anges Québec, and Cycle Momentum.
Saronic, specializing in autonomous maritime vehicles, secured $175 million in a Series B round from Andreessen Horowitz, raising its valuation to $1 billion. Other backers include 8VC, Caffeinated Capital, Elad Gil, and NightDragon.
Insightful reads and more
Autonomous Vehicles
Cruise has abandoned its plan to manufacture the Origin, a purpose-built autonomous vehicle devoid of traditional driving controls, opting instead for the next-gen Chevrolet Bolt in its fleet. This revelation from GM’s earnings sparked a pointed response from Cruise’s co-founder, Kyle Vogt, criticizing the decision. GM president Mark Reuss’s reaction was equally noteworthy.
Elon Musk announced in Tesla’s Q2 earnings call that the much-anticipated robotaxi reveal has been rescheduled for October 10, shedding light on a notable tension between Tesla’s current profit-generating EV sales and its future-oriented investments.
Kodiak Robotics has marked another achievement in autonomous trucking, with CEO Don Burnette sharing insights that fueled a breakthrough in their technology.
Vayu Robotics, led by ex-Velodyne CEO Anand Gopalan, aims to make delivery robots more affordable and scalable by foregoing LiDAR, according to TC editor Brian Heater.
Waymo initiated tests with a new robotaxi model, developed in collaboration with Chinese EV maker Zeekr, on San Francisco’s public roads.
Electric Vehicles, Charging & Batteries
TechCrunch’s Rebecca Bellan has been closely monitoring the progress of battery factory initiatives since the signing of the Inflation Reduction Act in August 2022. Two years on, she offers a detailed report on the state of these projects, highlighting the ones now paused.
Ford’s Q2 earnings fell below market expectations, as detailed in their earnings call. While their conventional and commercial vehicle segments continue to perform well, the EV unit presented challenges. CEO Jim Farley remains committed to launching a new range of affordable, distinctive EVs targeting under $40,000, focusing on utility and adventure.
Wheels of the Week
What’s on the docket for “Wheels of the Week”? Here, we’ll share insights into the transportation products we’re evaluating, from electric vehicles and hybrids to e-bikes, and maybe even autonomous rides. Upcoming reviews include e-bikes from Lectric and Pedego, the 2024 Fiat 500e, and several other EVs arriving in August. Stay tuned!
Compiled by Techarena.au.
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