UK-based autonomous vehicle startup Wayve has announced a significant investment of $1.05 billion aimed at advancing its development of self-driving cars powered by artificial intelligence (AI). The funding round was led by SoftBank, a Japanese multinational conglomerate, with substantial contributions from tech giants Nvidia and Microsoft.
Established in 2017, Wayve specializes in AI technology designed to facilitate autonomous driving capabilities. Their approach involves equipping vehicles with a sophisticated ‘robot brain’ capable of learning and interacting within real-world environments. This pioneering concept, known as ’embodied AI’, enables self-driving vehicles to respond effectively to unforeseen situations, such as unpredictable pedestrian behavior.
Kentaro Matsui, Managing Partner at SoftBank Investment Advisers, highlighted the transformative impact of AI on mobility, emphasizing its potential to significantly enhance safety standards by empowering vehicles to interpret their surroundings akin to human perception.
In support of Wayve’s vision, Dominik Wee, Corporate Vice President of Manufacturing and Mobility at Microsoft, emphasized the importance of leveraging Microsoft’s technological capabilities to deliver innovative solutions for safer and more accessible autonomous driving experiences.
The substantial investment in Wayve has garnered attention at the highest levels of the UK government. Prime Minister Rishi Sunak hailed the investment as a testament to Britain’s leadership in the AI industry, underscoring Wayve’s achievement as the recipient of the largest-ever investment in a UK-based AI company.
This milestone for Wayve comes amidst progress in UK legislation pertaining to automated vehicles. The Automated Vehicles Bill, aimed at regulating the deployment of autonomous vehicles across the UK, is nearing final approval following successful passage through both the House of Commons and the House of Lords.
Wayve’s ambitious efforts, supported by this significant funding injection, signal a promising future for AI-driven autonomous vehicles and highlight the UK’s growing prominence in the global AI technology landscape.
