U.K.-based startup Wayve has secured $1.05 billion in Series C funding, led by SoftBank Group, making it the largest AI fundraising round in the U.K. to date and among the top 20 globally. The funding round also included participation from Nvidia and existing investor Microsoft. Wayve, which was founded in Cambridge in 2017, previously raised $200 million in a Series B round in January 2022.
The latest funding will be used to further develop Wayve’s self-learning system for autonomous driving, with a focus on “eyes on” assisted driving and “yes off” fully automated driving. The company also plans to expand its operations globally. Wayve’s unique approach to autonomous driving sets it apart from other companies in the field. While San Francisco is known as the epicenter for autonomous driving roll-outs, with Waymo and Cruise operating services there, Wayve’s “end-to-end” self-driving system started on the streets of Cambridge using an electric Renault Twizy. This approach allowed Wayve to train its model on delivery vehicles for companies like U.K. grocery delivery giant Ocado, which invested $13.6 million in the startup.
Wayve’s strategy is similar to Tesla’s in that it aims to sell its autonomous driving model to various auto OEMs. This allows Wayve to gather more training data compared to Tesla, which relies on customers purchasing their cars. However, Wayve has not yet announced any automotive partners.
Wayve’s product, called “Embodied AI,” is hardware-agnostic and mapless. The company plans to distribute its platform not only to car makers but also to robotics companies serving manufacturers of all kinds. This broad approach allows Wayve’s platform to learn from human behavior in different real-world environments. Wayve’s research on multimodal and generative models, known as LINGO and GAIA, will enable “language-responsive interfaces, personalized driving styles, and co-piloting.”
Wayve’s co-founder and CEO, Alex Kendall, emphasized the significance of the automotive industry’s shift toward equipping new cars with cameras, GPUs, and other AI-enabled technologies. He sees this as a crucial moment for Wayve to leverage the data from these vehicles and accelerate the journey from assisted to automated driving. Kendall also highlighted Wayve’s plans to expand beyond just cars and into other forms of robotics, aiming to enable a future where intelligent machines can be trusted to perform tasks and enhance our lives.
The importance of Wayve’s funding round was recognized by U.K. Prime Minister Rishi Sunak, who issued a statement in support of the company. Sunak praised Wayve and its contribution to the U.K.’s technological advancements, stating that the investment in the company demonstrates the success of the government’s plan for the economy. He emphasized that the U.K. is committed to creating favorable conditions for businesses to thrive and positioning itself as an AI superpower.
Kentaro Matsui, managing partner at SoftBank Investment Advisers and a Wayve board member, highlighted the transformative potential of AI in mobility and its ability to greatly reduce traffic accidents. Matsui expressed SoftBank Group’s excitement to be at the forefront of this effort with Wayve, as advanced intelligence reshapes mobility and connectivity, ultimately contributing to a more convenient and safer society.
Wayve’s latest funding round not only marks a significant milestone for the company but also underscores the growing interest and investment in AI technology for autonomous driving. With its unique approach and promising partnerships, Wayve is poised to make a substantial impact in the field of self-driving technology.