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Image Credit: Wayve
Wayve, a UK-based firm, has secured an unprecedented investment exceeding $1 billion, marking the most significant funding round ever for a British AI company. This investment aims to accelerate the advancement of Wayve's pioneering artificial intelligence technology for autonomous electric vehicles (EVs).
The funding, which totals $1.05 billion in a series C round, was led by SoftBank Group and included significant contributions from existing investor Microsoft and newcomer NVIDIA. This financial infusion is intended to bolster Wayve's efforts to develop and deploy the first 'embodied AI' technology tailored for car manufacturers focusing on autonomous EVs.
Wayve touts its Embodied AI as "the next frontier in AI innovation," which it claims surpasses the scope of Generative AI and large language models. This technology is designed to revolutionize the interaction and learning processes between vehicles, robots, and human behavior in real-world settings.
The anticipated technology aims to enable autonomous vehicles to learn directly from real-world scenarios without traditional road testing. This includes adapting to irregular patterns and unexpected behaviors from drivers or pedestrians, thus significantly advancing beyond current autonomous vehicle (AV) technologies.
Wayve asserts that its innovative technology will significantly improve the functionality and safety of autonomous vehicles. Advocates of this technology argue that it can be instrumental in reducing urban congestion and reliance on private cars, thereby cutting costs and decreasing carbon emissions.
"At Wayve, our vision is to develop autonomous technology that not only becomes a reality in millions of vehicles but also earns people's trust by seamlessly integrating into their everyday lives to unlock extraordinary value," said Alex Kendall, CEO and co-founder at Wayve. "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."
The UK government projects that by 2035, the autonomous vehicles sector could contribute as much as £42 billion to the national economy and generate 38,000 new skilled jobs. Similarly, it anticipates the domestic AI market to surpass $1 trillion in value by the same year.
In support of these developments, the government has lauded Wayve as a "British success story" facilitated by a robust regulatory framework. This includes a clear Code of Practice established in the UK to ensure the safe trial and testing of automated and autonomous vehicles. This regulatory environment fosters innovation while ensuring public safety and confidence in these emerging technologies.
Prime Minister Rishi Sunak said the investment "anchors the UK's position as an AI superpower." "From the first electric light bulb or the World Wide Web to AI and self-driving cars - the UK has a proud record of being at the forefront of some of the biggest technological advancements in history," he added. "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 company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry and that our plan for the economy is working."
It comes as the UK government continues developing its Automated Vehicles Bill, designed to provide a comprehensive legal framework for the emerging industry "with safety at its core."
Under the Bill's provisions, all self-driving cars must undergo strict safety testing before driving on UK roads.
Transport Secretary Mark Harper said autonomous driving technology could "revolutionise road travel - making it safer and more convenient for everyone."
"Our Automated Vehicles Bill paves the way for their safe use in the UK and opens the door for investment into innovative British companies like Wayve - putting the UK at the forefront of a growing global industry," he said. "This is an important part of our plan to grow the economy and create high-quality jobs into the future."