U.K.-based startup Wayve, known for its self-learning autonomous driving technology, has secured $1.05 billion in Series C funding, led by SoftBank Group. This accomplishment is among the top 20 worldwide and signifies the most AI funding in the United Kingdom. Notable individuals like Yann LeCun, head of AI of Meta provided early backing for the funding round, which also included participation from Nvidia and Microsoft, an existing investor.
Wayve, founded in Cambridge in 2017, has already secured $20 million in a Series A round in 2019 and $200 million in a Series B financing in January 2022. The business plans to expand internationally and improve its solutions for assisted and completely autonomous driving in addition to other AI-driven automotive applications with the additional funds.
In contrast to its rivals in San Francisco, Wayve began testing an electric Renault Twizy on Cambridge's narrow streets as part of its "end-to-end" self-driving system. Using delivery trucks from businesses like Ocado, which has invested $13.6 million in the venture, the company taught its model.
Like Tesla, Wayve aims to collect a large amount of training data to improve its models by selling its autonomous driving technology to different automakers. The business is also investigating the possibilities of its "Embodied AI" platform in the fields of robotics and manufacturing, with the goal of achieving breakthroughs in customized driving styles and language-responsive interfaces.
Alex Kendall, co-founder and CEO of Wayve, emphasized the company's advancements as well as the movement in the auto industry toward AI-enhanced cars with GPUs and cameras. This round of funding supports Wayve's objective of turning this technology into goods that are ready for the market and confirms its technological approach.
The managing partner of SoftBank initiative Advisers, Kentaro Matsui, and U.K. Prime Minister Rishi Sunak have acknowledged the importance of this initiative, pointing out that it has the potential to establish the U.K. as a pioneer in artificial intelligence and to revolutionize worldwide standards for safety and mobility.
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