Softbank’s ambitious tech bets seem to be making a return, and its heating up the race for self-driving cars. British startup Wayve has secured a massive $1.05 billion in a fresh round of funding, led by SoftBank Group.
The Series C funding round, which saw participation from investors such as Nvidia and Microsoft, catapults Wayve’s total funds raised to over $1.3 billion. The post-funding valuation of the startup has not been disclosed. “Wayve, the market leader in Embodied artificial intelligence (AI) for autonomous driving, is thrilled to announce the successful closure of $1.05 billion in Series C funding. This round was led by SoftBank Group (“SoftBank”), with contributions from new investor NVIDIA and existing investor Microsoft. This investment will accelerate Wayve’s mission to reimagine autonomous mobility through embodied intelligence,” Wayve announced in a press release.
At the heart of the seven-year-old Wayve’s technology lies its Embodied AI system – unlike traditional programmed systems that rely on pre-defined rules and instructions, Wayve’s AI continuously learns and adapts to real-world driving scenarios. This allows the system to handle unexpected situations such as unpredictable maneuvers by drivers and pedestrians, or navigating environments that lack clear-cut traffic regulations. As the car encounters new situations, the AI refines its capabilities through real-time decision-making and data collection.
Wayve’s autonomous driving technology has already been integrated into a diverse array of vehicle platforms, ranging from electric vehicles like the Jaguar I-PACE to the Ford Mustang MachE. With the fresh infusion of capital, the startup will be able to “fully develop and launch the first Embodied AI products for production vehicles.” It will also allow Wayve to significantly expand its operations across the globe, ensuring that it will be able to recruit new talent and upgrade its computing infrastructure to support the ever-growing demands of the AI system. This global expansion will provide the AI system with a wider range of driving environments to learn from.
“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,” Rishi Sunak, UK PM, commented on the matter.
The success of the Embodied AI system remains to be seen, especially since the self-driving car industry has faced significant challenges in recent years. High-profile incidents involving self-driving vehicles have raised safety concerns (as Tesla found it out the hard way), leading to public skepticism and regulatory scrutiny. Additionally, companies like Argo AI have been forced to shut down operations due to the technical and financial difficulties associated with developing self-driving technology.
