The race to commercialize autonomous vehicles is increasingly moving beyond the vehicle itself. Moove has raised $250 million in Series C funding at a $2.1 billion valuation, backed by Mubadala Investment Company, Woven Capital and other institutional investors, as it builds the fleets, charging infrastructure and operational systems needed to keep autonomous vehicles running continuously.

Autonomous vehicles have spent years being defined by their most visible technology: sensors, artificial intelligence and self-driving software. But as the industry moves from pilot programs toward commercial deployment, a less glamorous problem is becoming harder to ignore—who actually owns, charges, maintains and operates the vehicles once they are on the road?

Moove is betting that this infrastructure layer could become a major technology market in its own right.

The mobility company announced a $250 million Series C round at a $2.1 billion valuation, led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. BlueCrest Capital Management, Sona Asset Management and The Raptor Group also participated.

The new capital will fund Moove’s autonomous vehicle operations, including fleet ownership and what the company calls “Nests”—robotics-first depots where autonomous fleets can be charged, serviced, maintained and orchestrated.

Moove also plans to enter additional markets and significantly expand its autonomous mobility workforce. The company expects that workforce to grow from roughly 150 employees to approximately 500 by the end of the year.

The funding illustrates an emerging reality in autonomous mobility: self-driving technology may be software-driven, but commercial deployment remains deeply dependent on physical infrastructure.

Autonomous vehicles need an operating system beyond the car

An autonomous vehicle can navigate a city without a human driver, but that does not mean it operates independently.

Vehicles still need charging. They need maintenance and cleaning. Fleets have to be positioned according to demand. Software and vehicle health need to be monitored. Unexpected incidents have to be handled. And the entire system must operate continuously if autonomous mobility is to compete economically with conventional transportation.

Moove is attempting to provide that operational layer.

The company has spent the past five years building infrastructure for human-driven ride-hailing fleets. Since its launch in 2020, it says it has grown to approximately 42,000 vehicles across 29 cities in 13 countries, with 3,300 employees and $420 million in annual recurring revenue.

That existing operating footprint is central to its autonomous strategy.

Rather than starting with a new infrastructure model specifically for robotaxis, Moove is adapting capabilities it already uses for conventional fleets—including fleet financing, vehicle operations, servicing, logistics and city-level management—to autonomous vehicles.

That could give the company a different position from autonomous driving developers such as Waymo, Zoox and other companies focused primarily on the vehicle and autonomous driving technology stack.

The Waymo relationship is a key piece

Moove is already operating autonomous fleets through its partnership with Waymo, with services live in Phoenix and Miami and planned operations in London.

The relationship illustrates how the autonomous mobility ecosystem is separating into specialized layers.

A company such as Waymo can develop the autonomous driving technology, while a third-party operator can provide vehicles, depots and operational infrastructure. That division could become increasingly important as autonomous fleets scale across multiple cities.

The model resembles other infrastructure-heavy technology markets, where the company building the core technology does not necessarily own every physical asset required for deployment.

For Moove, the opportunity is to become a fleet and infrastructure operator across multiple autonomous technology ecosystems rather than betting exclusively on one self-driving stack.

Why investors are funding the infrastructure layer

Mubadala’s continued backing is particularly notable because the UAE has positioned autonomous mobility and advanced transportation technology as part of its broader economic diversification strategy.

The sovereign investment firm said Moove’s combination of fleet ownership, operations and technology could support the next phase of autonomous mobility deployment while contributing to the UAE’s ambitions around advanced technology.

Woven Capital’s participation also brings strategic significance. As Toyota’s growth investment arm, Woven Capital operates within one of the world’s largest automotive ecosystems.

The investment comes as automakers, technology companies and mobility platforms increasingly converge around autonomous transportation. Toyota, Uber, Amazon and other major technology and mobility companies have each pursued different positions across autonomous driving, fleet operations, logistics and transportation platforms.

That creates a market in which the winning architecture may not be controlled by a single company.

Instead, autonomous mobility could develop as a stack: autonomous driving software at the vehicle level, cloud and AI infrastructure above it, fleet-management systems around it, and physical depots and charging networks underneath it.

Moove is targeting the operational middle of that stack.

The economics will matter as much as the technology

The biggest test for autonomous mobility is ultimately economic.

A robotaxi that can drive without a human is technologically impressive. A fleet that can operate profitably, maintain high utilization, minimize downtime and serve customers around the clock is a transportation business.

That distinction makes Moove’s strategy significant.

Its proposed Nests are effectively physical infrastructure for autonomous fleets. If autonomous vehicles spend less time charging, waiting for maintenance or being repositioned, fleet utilization can improve. At large scale, even relatively small improvements in vehicle availability could materially affect the economics of an autonomous transportation network.

The challenge is that building this infrastructure is capital intensive. Depots, vehicles, charging equipment, maintenance operations and city-level teams require significant investment before revenue from a new market can scale.

Moove’s new funding gives it additional capital to pursue that expansion, but the company still faces competition from vertically integrated autonomous operators and transportation platforms developing their own infrastructure.

The broader implication is that autonomous mobility is becoming an infrastructure race.

The next generation of mobility companies may not be defined solely by who develops the best autonomous driving model. They may also be defined by who can build the most reliable network of vehicles, depots, charging systems, software and operations across multiple cities.

Moove’s Series C is a bet that this infrastructure layer will become indispensable—and valuable—as autonomous transportation moves from controlled demonstrations toward everyday urban mobility.

Market Landscape

The autonomous vehicle market is evolving from a self-driving technology problem into a full-stack infrastructure problem.

The emerging ecosystem includes:

• Autonomous driving platforms: Companies such as Waymo are developing the AI, perception, mapping and driving systems required for autonomous operation.
• Vehicle manufacturers: Automakers provide increasingly autonomous-capable vehicle platforms and manufacturing scale.
• Fleet operators: Companies such as Moove can own and manage vehicles independently of the autonomous-driving technology provider.
• Charging infrastructure: Autonomous fleets require predictable, high-utilization charging capacity.
• Robotics-first depots: Facilities can combine charging, maintenance, cleaning, diagnostics and fleet orchestration.
• AI and cloud infrastructure: Autonomous vehicles continuously generate sensor and operational data requiring substantial computing and storage.
• Mobility platforms: Ride-hailing and transportation networks provide customer demand and dispatch infrastructure.

Moove’s strategy is therefore less about competing directly with autonomous-driving developers and more about becoming an operating infrastructure layer for autonomous fleets.

The strategic question for enterprise investors and mobility companies is whether fleet operations will become sufficiently standardized to support multiple autonomous vehicle platforms—or whether leading autonomous operators will ultimately build vertically integrated infrastructure themselves.

Top Insights

• Moove’s $250 million Series C targets fleet, charging and depot infrastructure as autonomous mobility shifts from pilot programs toward commercial-scale transportation networks.
• The company’s Waymo partnership demonstrates how autonomous driving software and physical fleet operations can become separate layers within the emerging mobility stack.
• Moove plans to expand its autonomous workforce by more than 220%, signaling that human operational infrastructure remains essential even as vehicles become driverless.
• The rise of robotics-first depots could make charging, maintenance, fleet orchestration and vehicle uptime critical competitive factors in autonomous mobility economics.

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