Wayve raises $1bn for the development of AI-powered self-driving cars

The Series C investment – backed by NVIDIA and existing investor Microsoft – is the biggest investment in a UK AI company to date.

The UK startup, founded in 2017, said this investment will accelerate its mission to reimagine autonomous mobility through the development of ‘embodied intelligence.’

According to Wayve, Embodied AI represents the next frontier of AI development, beyond generative AI and large language models (LLMs). The company envision that the integration of Embodied AI into vehicles and robots will change how machines interact with and learn from human behaviour in real-world environments.

In particular, the technology could enhance the usability and safety of autonomous driving systems, providing them with the intelligence to navigate situations that do not follow strict patterns or rules, such as unexpected actions by drivers, pedestrians, or environmental elements.

With this investment, Wayve said its research could push the automotive industry to a future where AI in vehicles can offer features like intuition, language-responsive interfaces, personalised driving styles, and co-piloting to enhance the automated driving experience.

In a statement, Alex Kendall, co-founder and CEO of Wayve, said: “At Wayve, our vision is to develop autonomous technology that not only becomes a reality in millions of vehicles but also earns people’s trust by seamlessly integrating into their everyday lives to unlock extraordinary value.

“This significant funding milestone highlights our team’s unwavering conviction that Embodied AI will address the long-standing challenges the industry has faced in scaling this technology to everyone, everywhere.”

Wayve said this investment will allow them to develop and launch the first Embodied AI products for production vehicles, as well as to further develop its hardware-agnostic, mapless product solutions which allow OEMs to software upgrade cars to higher levels of driving automation.

The company will also focus on scaling its foundation models, advancing Embodied AI research, and building an industry-leading AV2.0 Platform with reliable simulation, measurement, and active learning tools for automotive applications. Wayve said it will also look to expand operations and partnerships in new markets, building geographically diverse data assets and attracting global talent.

“From the first electric light bulb or the World Wide Web to AI and self-driving cars, the UK has a proud record of being at the forefront of some of the biggest technological advancements in history,” said Prime Minister, Rt Hon Rishi Sunak MP.

“I’m incredibly proud that the UK is the home for pioneers like Wayve who are breaking ground as they develop the next generation of AI models for self-driving cars. The fact that a homegrown British business has secured the biggest investment yet in a UK AI company is a testament to our leadership in this industry and that our plan for the economy is working.

“We are leaving no stone unturned to create the economic conditions for businesses to grow and thrive in the UK. We already have the third highest number of AI companies and private investment in AI in the world, and this announcement anchors the UK’s position as an AI superpower.”