A British artificial intelligence (AI) startup that is creating autonomous systems for vehicles has secured over $1bn (£800m) in backing, in what is the UK’s largest ever AI fundraise.
Wayve has announced a $1.05bn (£837m) Series C investment round led by Japanese tech giant Softbank, along with Nvidia and existing investor Microsoft.
Founded in 2017, the startup has been integrating its technology, called ‘embodied AI’, into cars and robots, transforming them into autonomous vehicles that it says can see, think, and drive through any environment.
Alex Kendall, co-founder and chief executive of Wayve, said his vision is to develop a technology that “earns people’s trust by seamlessly integrating into their everyday lives”.
He said: “This significant funding milestone highlights our team’s unwavering conviction that Embodied AI will address the long-standing challenges the industry has faced in scaling this technology to everyone, everywhere.
“Our collaboration with Softbank, Nvidia, and Microsoft will help advance our mission to redefine driving with AI at the core. This investment will enable us to develop and launch our first Embodied AI products for the automotive industry, empowering OEMs to provide consumers with trustworthy and beneficial automated driving experiences,” Kendall added.
Wayve has conducted trials on UK public roads since 2018 and has already partnered with delivery fleets from Asda and Ocado.
As part of the funding, Softbank has joined Wayve’s board of directors.
Kentaro Matsui, managing partner at Softbank investment advisers and board member at Wayve, called the potential of Wayve’s technology “transformative”.
“It could eliminate 99% of traffic accidents,” he said, adding that “Softbank Group is delighted to be at the forefront of this effort with Wayve, as advanced intelligence redefines mobility and connectivity, contributing to a more convenient and safer society.”
Prime Minister Rishi Sunak, who has been pushing to make Britain a global hub for AI, also supported the deal.
He said: “I’m incredibly proud that the UK is the home for pioneers like Wayve who are breaking ground as they develop the next generation of AI models for self-driving cars. The fact that a homegrown, British business has secured the biggest investment yet in a UK AI company is a testament to our leadership in this industry, and that our plan for the economy is working.
“We are leaving no stone unturned to create the economic conditions for businesses to grow and thrive in the UK. We already have the third highest number of AI companies and private investment in AI in the world, and this announcement anchors the UK’s position as an AI superpower,” he added.