Self-Driving Startup Wayve Raises More Than $1 Billion in Funding Led by SoftBank Group
The investment will help Wayve develop AI products to enable carmakers to efficiently upgrade vehicles to higher levels of driving automation
Wayve Technologies raised more than $1.0 billion to accelerate its efforts to redefine autonomous driving via artificial intelligence and expand operations and partnerships in new markets.
The U.K. startup said Tuesday that SoftBank Group 9984 3.28%increase; green up pointing triangle led the $1.05 billion series C round, with new investor Nvidia and existing investor Microsoft also contributing to the fundraising.
Wayve said the investment will support the company in developing AI products to enable carmakers to efficiently upgrade vehicles to higher levels of driving automation.
“Vehicles can now interpret their surroundings like humans, enabling enhanced decision-making that promises higher safety standards,” said Kentaro Matsui, managing partner at SoftBank Investment Advisers. “AI is revolutionizing mobility.”
SoftBank joined Wayve’s board of directors as part of the transaction.
The U.K. startup said funds would allow it to expand operations and partnerships in new markets, build geographically diverse data assets and attract global talent.
Wayve said it is developing hardware-agnostic products that can allow any vehicle to perceive its surroundings and safely drive through various environments. The company has conducted trials on U.K. public roads since 2018, it said.
“I’m incredibly proud that the U.K. is the home for pioneers like Wayve who are breaking ground as they develop the next generation of AI models for self-driving cars,” U.K. Prime Minister Rishi Sunak said.