Self-driving technology startup Wayve raises $1.05 bn in VC funding

Self-driving technology startup Wayve has raised $1.05 billion in a VC funding round led by SoftBank Group, Reuters news report said.
VC funding for techNvidia also contributed in the Series C funding round as a new investor, as did existing investor Microsoft.

The latest VC funding brings Wayve’s total funds raised to just over $1.3 billion and marks the largest investment yet in a British startup focused on artificial-intelligence technology.

In a statement, British Prime Minister Rishi Sunak hailed the funding round as “a testament to our leadership in this industry, and that our plan for the (UK) economy is working.”

Founded in 2017, Wayve’s autonomous driving technology uses AI that the startup says will enable vehicles to navigate situations that do not follow strict patterns or rules, such as unexpected actions by drivers, pedestrians, or environmental elements.

“This will enable automakers and fleets to accelerate their transition from assisted to autonomous driving,” Wayve CEO Alex Kendall told Reuters.

The startup’s technology is currently integrated into six different vehicle platforms including electric vehicles like the Jaguar I-PACE and Ford Mustang MachE as part of advanced driver assistance systems (ADAS), Kendall said. As the self-driving technology advances, Wayve’s AI will be upgraded using over-the-air software updates.

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