Wayve, a UK-based AI startup, raises $1bn to advance its AI-driven self-driving car technologies with leading investors SoftBank, Nvidia, and Microsoft. The funding supports the global launch of their embodied AI products and highlights the UK’s strength in AI innovation.
UK AI Startup Wayve Secures $1bn for Self-Driving Car Software Development
UK-based autonomous vehicle technology company, Wayve, has raised over $1 billion (£837 million) to advance its AI-driven self-driving car technologies. The significant funding round was primarily led by Japan’s SoftBank, with additional investment from Nvidia and Microsoft, marking the largest investment in a European AI company to date.
Founded in 2017 in London, Wayve aims to develop and introduce “embodied AI” technology for self-driving vehicles. This technology allows autonomous vehicles to interact with and learn from real-world environments, handling unpredictable events such as sudden pedestrian actions or erratic driving by other vehicles.
Alex Kendall, Wayve’s co-founder and CEO, stated that this funding will support the global launch of their embodied AI products and signifies the robustness of the UK’s AI ecosystem. Kentaro Matsui from SoftBank, involved in the investment, noted that founder Masayoshi Son played a personal role in the funding decision.
Wayve’s AI technology is incorporated into various vehicle platforms, including electric models like the Jaguar I-Pace and Ford Mustang MachE. The startup is among many working to advance autonomous driving, competing with well-known names like Alphabet’s Waymo and GM’s Cruise.
The UK government predicts self-driving cars may be on British roads by 2026, with recent legislative moves aimed at facilitating a “transport revolution.” The autonomous vehicle sector in the UK is projected to be worth £42 billion and create 38,000 jobs by 2035. Prime Minister Rishi Sunak highlighted the investment as evidence of the UK’s leadership in AI and its commitment to fostering an environment conducive to technological growth.
