Wayve's $1 Billion Investment to Generate Thousands of UK AI Jobs

SoftBank of Japan spearheads a significant funding round for Wayve, a UK-based startup focused on autonomous vehicle technology, exceeding $1 billion (£800 million). This record-breaking investment for a European AI company also includes support from Nvidia and Microsoft.

Founded in 2017, Wayve intends to utilise the funding to further develop and commercialise its "embodied AI" technology in the United Kingdom. This innovative AI aims to enhance self-driving vehicles by allowing them to learn and adapt to dynamic real-world conditions, even handling scenarios that defy conventional rules.

"This investment accelerates our goal of launching embodied AI products and expanding internationally," said Alex Kendall, Wayve's co-founder and CEO. "It's a strong endorsement of the UK's thriving AI industry, and we anticipate seeing even more AI companies succeed here."

Kentaro Matsui, Managing Partner at SoftBank Investment Advisers, joins Wayve's board and highlights the involvement of SoftBank's founder, Masayoshi Son. Matsui states, "Our shared vision for a safer world motivated us to support Wayve's endeavor for reducing traffic accidents."

Wayve's technology is currently found in a variety of electric vehicles, such as the Jaguar I-Pace and Ford Mustang MachE, offering advanced driver assistance capabilities.

Major automakers and several startups, including Waymo (Alphabet) and Cruise (General Motors), are actively pursuing autonomous vehicle development. The UK government anticipates self-driving cars on British roads by 2026, with trials by Wayve, Oxbotica, and the Academy of Robotics already underway.

The upcoming passage of the automated vehicle bill aims to foster a "transport revolution" through the safe implementation of self-driving vehicles.  The UK government projects this sector to reach a value of £42 billion by 2035, generating 38,000 skilled jobs.

Prime Minister Rishi Sunak asserts, "This agreement solidifies the UK's status as a global AI leader. A British company securing the largest-ever UK AI investment demonstrates our leadership in the industry."