Softbank Group Invests More than $1 Billion in Self-Driving Startup Wayve Technologies
Wayve Technologies has secured over $1 billion in funding to advance its mission of reshaping autonomous driving through artificial intelligence (AI) and to extend its operations and collaborations into new markets.
The U.K.-based startup announced on Tuesday that SoftBank Group, along with new investor Nvidia and existing investor Microsoft, led the $1.05 billion Series C funding round.
This substantial investment will empower Wayve to focus on developing AI solutions aimed at facilitating car manufacturers in upgrading vehicles to higher levels of driving automation.
Kentaro Matsui, managing partner at SoftBank Investment Advisers, emphasized the potential of AI to revolutionize mobility, stating that vehicles can now interpret their surroundings akin to humans, leading to enhanced decision-making and heightened safety standards. SoftBank has also gained a seat on Wayve's board of directors through this investment.
In addition to fostering AI innovation, the funds will enable Wayve to broaden its footprint in new markets, bolster its partnerships, amass diverse geographical data resources, and attract top talent from around the globe.
Wayve's vision encompasses the creation of hardware-agnostic products capable of endowing any vehicle with the ability to perceive its surroundings and navigate various environments safely. The company has been conducting trials on public roads in the U.K. since 2018.
U.K. Prime Minister Rishi Sunak commended Wayve's pioneering work, highlighting the significance of the U.K. as a hub for trailblazing innovators like Wayve in the development of AI models for self-driving cars.