Travel Startups Raise $1.1 Billion in Two Weeks

20.05.2024 - 14:29 / skift.com / Justin Dawes

It’s been a huge couple of weeks for travel startups. Eight of them announced $1.1 billion in funding over the past two weeks.

Most of that came from Wayve, which raised just over $1 billion for its robotaxi technology. Other significant raises — though not as high as $1 billion — went to companies in travel insurance and renewable jet fuel. And some smaller fundings went to a new luggage brand and a company 3D printing interior airplane components.

Wayve, which is testing self-driving cars meant for ride-hailing and other purposes, has raised $1.05 billion in a series C funding. 

The round was led by SoftBank Group, with support from Microsoft and AI chip company Nvidia.

Some of SoftBank’s other travel and transportation investments include Uber, China rideshare app DiDi and its robotaxi venture, WeWork, Oyo, GetYourGuide, Klook, and Yanolja. 

UK-based Wayve is developing a type of artificial intelligence meant to improve the way that autonomous cars and robots interact with the world. The company said it envisions a future where AI enables vehicles to drive fully autonomously, an upgrade from today’s AI-assisted driving models. 

The company’s primary customers are automakers and vehicle fleet owners. The company believes there’s an opportunity for working with the growing ride-hailing industry in London. It’s also focused on the parcel and grocery delivery industries. 

Wayve has been testing its technology in cars on the road in the UK since 2018, particularly in partnership with grocery delivery services.

“AI is revolutionizing mobility. Vehicles can now interpret their surroundings like humans, enabling enhanced decision-making that promises higher safety standards. The potential of this type of technology is transformative; it could eliminate 99% of traffic accidents,” said Kentaro Matsui, managing partner of SoftBank Investment Advisers, in a statement.

Cover Genius, a platform that travel companies use to provide insurance to customers, has raised $80 million in series E funding. 

Spark Capital led the round, with support from Dawn Capital, King River Capital, and G Squared.

New York City-based Cover Genius offers services to companies in travel and multiple other industries. The services allows the companies to offer insurance coverage to customers, sold separately or as part of a bundled package. 

Services include “cancel for any reason” protection and instant payments for approved claims in more than 90 currencies, the company says. Other travel insurance options cover airfare if an airline goes out of business, emergency medical assistance for extended stays, personal electronics for business travelers, and baggage delays.

Travel clients include Booking Holdings, Ryanair, Skyscanner,