Revolutionizing the future of transportation, Wayve has secured a monumental $1.05 billion to develop cutting-edge “embodied AI” technology for self-driving vehicles.
The UK-based startup attracted major tech giants like SoftBank Group, NVIDIA, and Microsoft in its latest funding round. With this financial backing, Wayve aims to advance its embodied AI approach, allowing self-driving cars to learn from and navigate real-world scenarios, including unpredictable situations involving other drivers and pedestrians.
Wayve co-founder and CEO Alex Kendall emphasized the UK’s strong AI heritage, boasting top talent, renowned universities, and innovation-friendly regulations that have facilitated rapid AI development. Kendall remarked that this investment sends a clear signal of the UK’s robust AI ecosystem strength.
Recent data reveals that between 2018-2022, the UK’s self-driving sector attracted £475 million in investment and created 1,500 new jobs. Forecasters predict that by 2035, the UK’s self-driving vehicle industry will soar to a value of £42 billion, generating 38,000 skilled jobs.
Moreover, the UK’s AI market is on track to surpass $1 trillion by 2035, with the sector currently employing over 50,000 individuals and contributing £3.7 billion annually to the economy.
British Prime Minister Rishi Sunak lauded Wayve’s achievements, stating, “The UK has a proud history of technological advancements, from the electric light bulb to AI and self-driving cars. I’m thrilled that pioneers like Wayve are spearheading the development of next-gen AI models for autonomous vehicles.”
Established in 2017, Wayve attributes its success to the UK’s Code of Practice, allowing for safe self-driving vehicle trials through a flexible, innovation-focused approach that prioritizes company accountability over rigorous regulations.
The upcoming Automated Vehicle Bill promises to set a global standard for autonomous vehicle legal frameworks, emphasizing robust safety testing and liability clarification when vehicles operate autonomously.
Transport Secretary Mark Harper anticipates that self-driving cars will transform road travel, significantly reducing costs, injuries, and fatalities resulting from human error, which currently accounts for 88% of road accidents.
Science Minister Michelle Donelan commended Wayve as a homegrown success story, positioning the UK as an AI and innovation powerhouse that attracts investments through its pro-technology regulatory approach.
Wayve’s substantial funding coincides with significant commitments to the UK auto industry by prominent companies like BMW, Jaguar Land Rover, and Nissan. Business Secretary Kemi Badenoch hailed this as another significant investment in the UK automotive sector.
The UK holds the third-highest number of AI companies and AI investment globally, following only the US and China. The country has welcomed international AI pioneers like OpenAI and Anthropic, while hosting DeepMind for over ten years.
Avoiding heavy-handed AI legislation akin to the EU’s, the UK prioritizes empowering expert regulators and driving safety standards. The country has invested in various initiatives, including the world’s first AI Safety Institute, hosting a global AI safety summit, and collaborating with the US on safety tests.
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(Image Credit: Wayve)
See also: Tesla unveils more details about driverless ride-hailing service