Wayve, a UK-based company specializing in artificial intelligence (AI) for self-driving vehicles, has received over $1 billion in investment from Softbank, Nvidia, and Microsoft. This significant funding solidifies the UK’s position as a global leader in AI and self-driving vehicle technology, as recognized by the UK government.
The investment comes as the Automated Vehicles Bill, which is supported by the industry, is set to become law. The bill enforces stringent safety testing requirements for all self-driving vehicles before they are allowed on UK roads. Additionally, it establishes legal entities responsible for self-driving vehicles, ensuring clear liability when a vehicle is operating autonomously.
Transport secretary Mark Harper expressed that self-driving cars will revolutionize road travel and make it safer and more convenient for everyone. The Automated Vehicles Bill plays a crucial role in enabling their safe use in the UK and attracting investments into innovative British companies like Wayve. Harper believes this will strengthen the UK’s economy and create high-quality jobs in the future.
The Department for Science, Innovation, and Technology (DSIT) projects that the self-driving vehicle industry in the UK will grow to a market worth £42 billion and create 38,000 new skilled jobs by 2035.
Wayve attributes its advancements in self-driving technology to the UK’s Code of Practice for automated vehicle trials, which establishes a framework to support and promote such technology pilots. Wayve co-founder and CEO Alex Kendall praised the UK’s progressive testing framework for facilitating the rapid development of cutting-edge AI in assisted and automated driving. Kendall expressed satisfaction in working with the government on the Automated Vehicles Bill, as it instills confidence in investors regarding the UK’s leadership in AI and autonomous vehicles.
Kendall further stated that this investment demonstrates the strength of the UK’s AI ecosystem and looks forward to witnessing more AI companies thrive and expand.
The funding will enable Wayve to launch its Embodied AI products and expand operations on a global scale. Embodied AI refers to Wayve’s machine learning technology that allows vehicles to learn from and interact with real-world environments, including scenarios that don’t strictly adhere to patterns or rules.
The DSIT praised the Code of Practice for automated vehicle trials, emphasizing its world-leading and pro-innovation approach in developing and testing self-driving vehicles within the UK. The framework encourages companies to take ownership of safety without excessive regulation or red tape.
Prime Minister Rishi Sunak highlighted that the investment in Wayve, as the largest investment in a UK AI company, demonstrates the UK’s leadership in the industry and the success of the country’s economic plan. The government is committed to creating favorable economic conditions for businesses to thrive in the UK.