San Francisco, California – Wayve, a startup originally founded in Cambridge in 2017, has recently secured $1.05 billion in Series C funding led by SoftBank Group, making it the largest AI fundraising in the U.K. and one of the top 20 globally. The funding round also saw participation from Nvidia and Microsoft, with early-stage investments from Meta’s head of AI, Yann LeCun.
The company, known for developing a self-learning system for autonomous driving rather than relying on rule-based techniques, raised $200 million in a Series B round earlier this year. This latest injection of capital will be used to further develop its product for assisted and fully automated driving, as well as other AI-assisted automotive applications, along with plans for global expansion.
Wayve’s unique approach to autonomous driving has placed it in a different league from other companies operating in the field. While San Francisco is known as an epicenter for autonomous driving roll-outs, with Waymo and Cruise leading the way, Wayve began its journey on the streets of Cambridge using an electric Renault Twizy for testing. The company has since been training its model on delivery vehicles for companies like U.K. grocery delivery service Ocado.
CEO Alex Kendall envisions a future where Wayve’s AI technology will be integrated into various forms of robotics, not just cars. He emphasizes the importance of the automotive industry’s shift towards incorporating cameras, GPUs, and radar into new vehicles, creating opportunities for AI integration and accelerating the transition to automated driving.
Wayve’s expansion plans also include offering its “Embodied AI” platform to car makers and robotics companies, allowing the system to learn from human behavior in diverse real-world environments. The company’s research on multimodal and generative models aims to provide advanced features like language-responsive interfaces, personalized driving styles, and co-piloting.
In a broader context, the U.K. government has shown support for Wayve’s fundraise, highlighting the country’s history of technological advancements. Prime Minister Rishi Sunak praised Wayve’s success as a testament to the U.K.’s leadership in the AI industry, positioning the country as an AI superpower and reinforcing its commitment to fostering economic growth and innovation.
SoftBank Investment Advisers’ managing partner, Kentaro Matsui, emphasized the transformative potential of AI in mobility, noting the technology’s ability to significantly reduce traffic accidents. He expressed SoftBank Group’s enthusiasm for supporting Wayve in revolutionizing mobility and connectivity, ultimately contributing to a more convenient and safer society.
Wayve’s breakthrough in securing significant funding underscores not only the company’s technological advancements but also the growing importance of AI in reshaping industries and enhancing societal connectivity and safety.