UK AI firm Wayve raises $1.05bn in funding for self-driving car technology
The UK-based firm Wayve has made headlines with its recent success in securing $1.05bn in funding for its artificial intelligence (AI) technology aimed at powering self-driving cars. This investment, led by SoftBank and supported by tech giants Microsoft and Nvidia, marks the largest known investment in an AI company in Europe to date.
Prime Minister Rishi Sunak praised the achievement, stating that it solidifies the UK’s position as an AI superpower and demonstrates the strength of the country’s AI ecosystem. Wayve’s CEO, Alex Kendall, expressed excitement about the future of AI companies in the UK and the potential for growth and innovation in the industry.
Wayve’s technology, which utilizes “embodied AI” to interact with and learn from real-world environments, is set to revolutionize the transport industry. The UK government is preparing to pass the Automated Vehicles Bill, which will establish a regulatory framework for the safe use of autonomous driving features on UK roads and provide clarity on legal liability for companies and drivers.
However, the road to widespread adoption of self-driving technology is not without challenges. US regulators are investigating the safety of AI-powered driving features following fatal crashes, with Ford being the latest car manufacturer to face scrutiny over its BlueCruise technology. Despite these obstacles, the future of autonomous vehicles powered by AI technology looks promising, with Wayve leading the charge in innovation and investment.
