UK start-up making AI tech for self-driving cars gets $1bn in funding

Wayve, a British company specialising in artificial intelligence (AI) technology for self-driving vehicles, has secured a record $1.05 billion in funding, making it the largest investment in a European AI enterprise to date. This significant financial boost comes from a funding round led by investment giant SoftBank, with major contributions from Microsoft and leading chip-maker Nvidia.

The company is working on creating “embodied AI’’ which differs from traditional AI by interacting with and learning from real world environments rather than being limited to performing cognitive or generative tasks. The new funds will be put into the development of autonomous driving technologies.

Prime Minister Rishi Sunak praised the investment, stating it “anchors the UK’s position as an AI superpower” and demonstrates the strength of the nation’s AI sector. “The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry,” Sunak added.

Alex Kendall, the head of Wayve, echoed the sentiment, highlighting the investment as a crucial indicator of the UK’s robust AI ecosystem’s potential for fostering more thriving AI enterprises.

The development of autonomous vehicle technology is a key element of what the UK government describes as an impending “transport revolution.” The country’s Transport Secretary, Mark Harper, noted in November that self-driving vehicles might be operational on some UK roads by 2026. The forthcoming Automated Vehicles Bill, expected to pass through Parliament soon, aims to establish a comprehensive regulatory framework ensuring the safe use of autonomous and assistive driving features on UK roads.

However, the path to adopting self-driving technology is not without its challenges. In the US, the safety of AI-powered assistive driving features is under scrutiny following several fatal crashes. The National Highway Traffic Safety Administration (NHTSA) is currently investigating Ford’s BlueCruise driving technology, with Tesla also facing probes over the safety of its Autopilot system.