Financial news reports or direct announcements from Wayve

Wayve Secures Record $1.05 Billion for European AI-Driven Autonomous Tech

May 7, 2024, 12:01 PM

Wayve Technologies Ltd., a UK-based startup specializing in autonomous driving technology, has successfully raised $1.05 billion in a Series C funding round, marking the largest ever funding for a European AI company. The investment was led by SoftBank Group, with significant contributions from Microsoft and Nvidia. This funding positions Wayve as a prominent player in the autonomous vehicle industry, competing with major companies like Alphabet Inc.'s Waymo. The funds will be used to advance Wayve's unique approach to autonomous driving, which relies on end-to-end artificial intelligence to learn driving rules and patterns independently, and to launch the world's first Embodied AI products for production vehicles.