UK startup gets $1bn funding for self-driving car tech

A UK company specializing in artificial intelligence (AI) technology for self-driving cars has secured $1.05 billion (£840 million) in funding.

Leading tech giants Microsoft and Nvidia are among the investors in Wayve’s latest funding round, which is spearheaded by investment firm SoftBank. This investment marks the largest known funding injection into an AI company in Europe thus far.

Wayve intends to utilize the funding to contribute to the development of autonomous vehicles for the future.

Prime Minister Rishi Sunak praised the investment, stating that it solidifies the UK’s position as a leader in AI technology. He emphasized the significance of a British company securing the largest investment yet in a UK AI startup.

Alex Kendall, head of Wayve, highlighted the importance of this investment in showcasing the strength of the UK’s AI ecosystem, expressing optimism for the growth and success of more AI companies in the country.

Despite this positive development, the most valuable AI firms globally are currently based in the United States and China. The UK’s competition watchdog is investigating whether a few major tech companies are poised to dominate a significant portion of the market.

Wayve’s technology aims to power future self-driving vehicles using what it terms “embodied AI.” This approach enables AI systems to interact with and learn from real-world environments.

UK Transport Secretary Mark Harper previously indicated that self-driving vehicles could be introduced on some UK roads by 2026. The government is expected to pass rules governing automated vehicles, which it believes will unlock a transformative era in transportation.

The Automated Vehicles Bill, which establishes a regulatory framework for the safe use of cars equipped with assistive or autonomous driving features on UK roads, is set to be enacted soon. This legislation aims to clarify legal liability for companies and drivers.

However, the adoption of self-driving technology has encountered challenges globally. US regulators are investigating the safety of AI-powered assistive driving features following fatal accidents. Recently, Ford faced scrutiny over its BlueCruise driving technology, while Tesla recalled over two million vehicles due to safety concerns regarding its Autopilot system. The National Highway Traffic Safety Administration (NHTSA) is currently examining Tesla’s remedial measures to ensure compliance with safety standards.