UK AI firm Wayve raises $1.05bn for self-driving car technology
The UK firm Wayve, which is developing artificial intelligence (AI) technology for self-driving cars, has secured a record-breaking $1.05 billion (£840 million) in funding. This investment, led by SoftBank and with contributions from tech giants Microsoft and Nvidia, marks the largest known investment in an AI company in Europe to date.
Prime Minister Rishi Sunak hailed the funding as a significant milestone for the UK’s position as an AI superpower, emphasizing 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 their potential for growth and success.
Wayve’s technology, which focuses on “embodied AI” for self-driving vehicles, aims to revolutionize the transport industry by enabling cars to interact with and learn from their real-world surroundings. The UK government is set to pass new regulations for automated vehicles, paving the way for a transport revolution and providing a regulatory framework for the safe use of autonomous driving features on UK roads.
Despite the optimism surrounding self-driving technology, challenges remain, particularly in terms of safety. US regulators are scrutinizing the AI-powered driving features of car manufacturers following fatal crashes, with Ford being the latest company to face an investigation over its BlueCruise technology.
The investment in Wayve represents a significant step forward for the UK’s AI industry and highlights the country’s potential to lead the way in the development of autonomous vehicles.