Wayve Raises Over $1 Billion Led by SoftBank to Create AI Products for Automated Driving
Wayve aims to fully develop and launch its Embodied AI products for production vehicles, empowering OEMs to upgrade cars to higher levels of driving automation.
Wayve, a UK-based startup specializing in self-learning autonomous driving technology, has successfully closed a Series C funding round, securing a staggering $1.05 billion. Led by SoftBank Group, this investment marks the largest AI fundraising effort in the UK to date and ranks among the top 20 globally in the field of artificial intelligence.
Among the key participants in the funding round were tech giants Nvidia and Microsoft, demonstrating the industry's confidence in Wayve's innovative approach. The startup, founded in Cambridge in 2017, has seen significant growth since its inception, with previous funding rounds totaling $200 million in Series B and $20 million in Series A.
With this latest funding, Wayve aims to fully develop and launch its Embodied AI products for production vehicles, empowering OEMs to upgrade cars to higher levels of driving automation. The company's hardware-agnostic solutions enable seamless software upgrades, from assisted driving to fully automated driving, as Wayve's AI models progress.
The company's focus extends beyond automotive applications, with plans to expand into robotics and other AI-assisted sectors. By offering its hardware-agnostic platform to a wide range of manufacturers, Wayve aims to gather diverse data sources to enhance its autonomous driving model.
Wayve's co-founder and CEO, Alex Kendall, highlighted the pivotal role of recent advancements in automotive technology, such as the proliferation of cameras and GPUs in production vehicles, in accelerating the adoption of AI-driven solutions. He emphasized the company's vision to empower intelligent machines capable of enhancing human lives across various domains.
SoftBank Investment Advisers Managing Partner Kentaro Matsui echoed the transformative potential of AI in mobility, stating the role of advanced intelligence in enhancing safety standards and redefining connectivity.
The successful Series C funding round not only accelerates Wayve's growth trajectory but also reaffirms the UK's leadership in AI innovation. Prime Minister Rishi Sunak lauded Wayve's achievements, showing the UK's commitment to fostering a thriving tech ecosystem and cementing its position as an AI superpower.
