British EV tech start-up wins £800million to develop self-driving AI cars | Personal Finance | Finance
A UK-based techonology startup is set to receive more than £800m of investment to develop AI powered electric vehicles.
Startup Wayve will receive the $1.05bn investment from Japan’s SoftBank as well as Nvidia and Microsoft.
The funding was secured by the startup so it could develop a system that will allow automated vehicles to learn from real-world stimulae and simulations and then adapt accordingly.
This includes situations beyond the expected, such as irrational driving or sudden veering by other cars on the road.
The system is called “embodied AI” technology and will be the first of its kind in the UK.
Alex Kendall, a co-founder and the chief executive 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.
“Our collaboration with SoftBank, NVIDIA, and Microsoft will help advance our mission to redefine driving with AI at the core.
“This investment will enable us to develop and launch our first Embodied AI products for the automotive industry, empowering OEMs to provide consumers with trustworthy and beneficial automated driving experiences.”
The Prime Minister said: “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,” the Prime Minister said.
“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.”
Kentaro Matsui, managing partner at SoftBank Investment Advisers and a newly appointed member of the Wayve board, said: “We have a vision of a peaceful world, free from traffic accidents.
“Once we learned that we shared a common vision, our team members and Masa were excited and felt we needed to help. We are very proud that we are taking part in this effort.”
