– Wayve, a UK startup developing self-learning autonomous driving technology, closed a $1.05 billion Series C funding round led by SoftBank Group, making it the largest AI fundraise in the UK and among the top 20 globally.
– The company plans to use the funding to develop AI-assisted automotive applications, expand globally, and focus on automated and assisted driving.
– Wayve’s approach to autonomous driving is similar to Tesla’s, but they plan to sell their technology to various auto OEMs and robotics companies, enabling them to learn from human behavior in different environments.
UK-based startup Wayve, which is developing a self-learning system for autonomous driving, recently closed a $1.05 billion funding round led by SoftBank Group. This marks the largest AI fundraising round in the UK and one of the top 20 globally for AI startups. Investors in this round also included NVIDIA and Microsoft, with early stage support from Meta’s head of AI, Yann LeCun.
Founded in 2017 in Cambridge, Wayve previously raised $200 million in a Series B round last year. The company plans to use the new funding to further develop its product for assisted and fully automated driving, expand globally, and explore other AI-driven automotive applications.
Unlike other autonomous driving projects in San Francisco, Wayve’s system was first developed on the streets of Cambridge using an electric Renault Twizy. The company’s technology has been tested on delivery vehicles for companies like Ocado. Wayve aims to sell its autonomous driving model to various car manufacturers, similar to Tesla’s approach.
Using a hardware-agnostic mapless concept called “Embodied AI,” Wayve plans to provide its platform to car makers and robotics companies to learn from real-world environments. The company’s research on multimodal and generative models promises personalized driving styles and language-responsive interfaces.
Wayve’s co-founder and CEO, Alex Kendall, highlighted the acceleration of the automotive industry’s adoption of AI and cameras on new vehicles as a key factor in the company’s success. Prime Minister Rishi Sunak praised Wayve’s innovative approach, emphasizing the UK’s leadership in technological advancements. SoftBank’s Managing Partner, Kentaro Matsui, expressed excitement for the transformative potential of AI in mobility and safety.