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Wayve, a British startup specializing in self-driving car technology, has successfully raised over $1 billion (£800m) to advance the next era of AI-driven automobiles. Leading this funding round is SoftBank, a Japanese company.
The investment of $1.05 billion is supported by SoftBank, along with Nvidia and Microsoft, marking the largest funding round for a European artificial intelligence startup.
Established in London in 2017, Wayve plans to utilize these funds for the development and introduction of revolutionary “embodied AI” technology for self-driving cars in the UK.
Embodied AI technology will empower autonomous vehicles to adapt and engage with real-world environments, including learning from unpredictable scenarios like unexpected driver or pedestrian actions.
Wayve’s CEO and co-founder, Alex Kendall, mentioned, “This funding will aid in the launch of our embodied AI products and our global expansion. It showcases the robustness of the UK’s AI ecosystem to the market, and we anticipate the growth of more AI enterprises in the country.”
As part of the investment, Kentaro Matsui, a managing partner at SoftBank Investment Advisers, will join Wayve’s board. Matsui shared, “Our vision revolves around a world free of traffic accidents. The shared vision prompted our team, including Masa, to eagerly support this cause. We are honored to contribute to this endeavor.”
Wayve’s existing technology is integrated into various vehicle platforms, including electric models like Jaguar I-Pace and Ford Mustang MachE, as components of advanced driver assistance systems.
Major automakers are heavily investing in autonomous vehicles, with startups such as Waymo under Alphabet’s ownership and Cruise under General Motors gaining prominence in the US.
In the UK, Wayve, alongside Oxa (formerly Oxbotica) and the Academy of Robotics, has conducted trials on self-driving cars. Transport Secretary Mark Harper envisions self-driving vehicles hitting UK roads by 2026.
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The imminent automated vehicle legislation aims to facilitate a “transport revolution” by allowing the secure deployment of self-driving cars, as per the government’s statement.
Although the self-driving car sector in the UK is still nascent, the government anticipates its value to reach £42 billion and to create 38,000 skilled positions by 2035. Between 2018 and 2022, the sector welcomed £475 million in investments and generated 1,500 new job opportunities.
Celebrating the achievement, Rishi Sunak stated, “This transaction solidifies the UK’s stance as a powerhouse in artificial intelligence. The unprecedented investment in a British AI firm showcases our dominance in this field.”
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