UK startup secures record $1B funding to expand self-driving tech
What's the story
Wayve, a UK-based startup specializing in self-driving technology, has successfully raised $1.05 billion in a Series C funding round.
This marks the largest AI fundraising event in the UK and places Wayve among the top 20 AI fundraisers globally.
The funding round was led by SoftBank Group, with significant contributions from NVIDIA and Microsoft, an existing investor.
Growth trajectory
Wayve's history of successful fundraising and future plans
Founded in Cambridge in 2017, Wayve has a track record of successful fundraising.
In January 2022, the company raised $200 million in a Series B round and $20 million in a Series A round back in 2019. Both rounds were led by Eclipse Ventures.
The newly secured funds will be used to further develop its assisted driving and fully automated driving products, as well as expand its operations globally.
Innovative strategy
Wayve's unique approach to autonomous driving technology
Wayve's self-driving system, which began on the narrow streets of Cambridge with an electric Renault Twizy vehicle, is designed to be marketed to various auto manufacturers.
This strategy could potentially provide Wayve with more training data than Tesla, which relies on its car sales for data collection.
Wayve's product, known as "Embodied AI," is hardware-agnostic and mapless, making it suitable for both car manufacturers and robotics companies across industries.
Vision statement
CEO Alex Kendall on Wayve's technological approach and future
Alex Kendall, co-founder and CEO of Wayve, stated that the company was started seven years ago to build an embodied AI.
He sees the recent fundraising as a validation of their technological approach and believes it provides the capital needed to turn this technology into a product and bring it to market.
Kendall also hinted at the company's ambitious plans for the robotics sector.
Accolades
UK Prime Minister and SoftBank Investment Advisers laud Wayve
UK Prime Minister Rishi Sunak lauded Wayve's achievement, stating that the record investment in a UK AI company is a testament to the country's leadership in this industry.
He further emphasized the UK's status as an AI powerhouse.
Kentaro Matsui, managing partner at SoftBank Investment Advisers and Wayve board member, commented on the transformative potential of AI technology, suggesting it could eliminate 99% of traffic accidents.