Japanese conglomerate SoftBank Group, US corporations Nvidia and Microsoft became the main investors, and the latter is already a shareholder of Wayve.
Dealroom announced that the deal is the largest fundraising to date for a European start-up focused on building AI technologies.
Wayve’s success has been hailed by UK Prime Minister Rishi Sunak as a record investment in a British AI development company.
The new funding will allow the London-based start-up to start installing its autonomous driving systems in cars in the coming years.
Founded in 2017 by Wayve, the AI technology, called Embodied AI, allows self-driving cars to learn from and respond to real-world environments, unlike traditional systems that rely on pre-programmed maps and use expensive sensors. It is believed that this will allow testing self-driving cars in new areas faster and at a lower cost.
“This innovation has huge potential to increase the convenience and safety of autonomous driving systems by giving them the ability to navigate confidently in situations that do not follow strict patterns or rules, such as unexpected actions by drivers, pedestrians or the environment,” claims Wayve.
The startup is negotiating with several car manufacturers to use its systems, and it has no plans to build its own cars in the coming years.
He also hopes to apply his AI technology to other robots beyond self-driving cars.
The news of Wayve’s funding comes as the UK government’s Automated Vehicles Bill, which will regulate the use of self-driving vehicles on roads and other public places, is expected to pass through parliament and become law in the coming weeks.
