London-based Wayve, a developer of AI systems for autonomous vehicles, announces a $1 billion funding round with key investors SoftBank, Microsoft, and Nvidia. Known for its unique approach to autonomous driving, the company aims for international expansion and transitioning research into commercial products.
Wayve, a London-based developer of artificial intelligence systems for autonomous vehicles, announced a $1 billion funding round on May 6, 2024. Key investors include SoftBank, Microsoft, and Nvidia. Founded in 2017 by Cambridge University doctorate student Alex Kendall, Wayve specializes in “embodied A.I. systems” that allow machines to make real-time decisions.
The company is notable for its unique approach to autonomous driving, leveraging cameras and sensors rather than high-definition maps or lidar systems. This strategy positions it similarly to Tesla rather than Waymo, an Alphabet subsidiary.
Wayve has tested its technology on British roads since 2018 and plans international expansion. This investment follows its previous $300 million fundraising and highlights significant support among leading tech investors, despite the challenges faced by the autonomous driving industry regarding costs and regulatory scrutiny.
Prime Minister Rishi Sunak acknowledged Wayve’s pioneering role in the UK’s tech landscape. Kendall mentioned that the new funding would help transition Wayve’s research into commercial products, with ongoing negotiations with various automobile manufacturers for integration into consumer cars.
