Self-Driving Startup Wayve Gets $1B Investment
According to FT, SoftBank is spearheading a more than $1 billion investment into UK-based self-driving car startup Wayve, marking Europe’s largest artificial intelligence funding event to date. The investment round also sees contributions from tech giants Nvidia and Microsoft.
Established in 2017, Wayve has distinguished itself by developing an AI system that enables vehicles to learn from real-world driving, reducing reliance on detailed maps and expensive laser-based sensors. This approach not only cuts costs but also accelerates the deployment of self-driving technologies, potentially allowing the UK to outpace US giants like Alphabet’s Waymo.
The funding will facilitate Wayve’s plans to implement its autonomous systems in cars over the next few years, and extend its technology from automobiles to other robotic applications. This strategy highlights a broader application of AI, moving beyond virtual environments to what Wayve describes as “embodied AI.”
Prime Minister Rishi Sunak praised the investment, declaring it a validation of the UK’s status as an “AI superpower.” He emphasized, “The fact that a homegrown, British business has secured the biggest investment yet in a UK AI company is a testament to our leadership in this industry.”.
SoftBank’s CEO Masayoshi Son, who has been cautious in AI investments in the past, seems to be reinvigorating his strategy with this significant move. Kentaro Matsui, head of new business at SoftBank, pointed out that the investment decision took about 18 months of deliberations, highlighting a methodical approach in backing Wayve’s promising technology.
This deal is particularly noteworthy as it ranks among the most substantial investments in British AI since Google’s acquisition of DeepMind in 2014. “Wayve is probably the most advanced embodied AI company in the world and it’s here in Britain,” noted Suranga Chandratillake.
Chandratillake is a partner at Balderton Capital and an investor in Wayve. He added that this represents a crucial step for the UK in the global race to lead the next wave of computing technologies.
Despite the enthusiasm, the self-driving sector remains controversial, underscored by high-profile accidents and divided opinions on technological deployment strategies. Critics often cite Tesla’s overly optimistic forecasts under CEO Elon Musk as a cautionary tale.
Nevertheless, Wayve’s technology, currently at Level 2 automation, has shown promising results in real-world tests, offering partial autonomous driving capabilities that have impressed both investors and potential automotive partners.
During a recent demonstration in London, a Wayve-equipped vehicle successfully navigated complex urban challenges — from overtaking stationary buses to safely handling unmarked roadworks — demonstrating the sophistication and potential of its AI-driven system.
The company’s focus on learning from diverse global driving conditions rather than a single environment could set a new standard in the industry.
Originally posted on OpenDataScience.com
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