Wayve Secures $1B Funding to Expand Tesla-Like Self-Driving Technology Across Multiple Automakers

Wayve Secures $1.05 Billion in Series C Funding for Revolutionary Autonomous Driving Technology

Wayve, a pioneering U.K.-based startup focused on self-learning systems for autonomous driving, has successfully raised $1.05 billion in Series C funding led by SoftBank Group. This milestone marks the largest AI fundraising round in the U.K. to date and ranks among the top 20 AI funding rounds globally.

Notable contributors to this funding round include Nvidia and existing investor Microsoft, with early-stage backers such as Yann LeCun, head of AI at Meta, also supporting the venture.

Founded in 2017 in Cambridge, Wayve had previously raised $200 million in a Series B round in January 2022, led by Eclipse Ventures. The company plans to utilize this new capital to enhance its product development for both “eyes-on” assisted driving and “hands-off” fully automated driving, as well as other AI-driven automotive applications. Additionally, Wayve aims to expand its global operations.

While San Francisco has established itself as a hub for autonomous vehicle deployment—home to companies like Waymo and Cruise—Wayve's “end-to-end” self-driving technology began its journey in the narrow streets of Cambridge, utilizing an electric Renault Twizy. The company has been training its models on delivery vehicles for partnerships, including a $13.6 million investment from U.K. grocery delivery giant Ocado.

Wayve's autonomous driving strategy shares similarities with Tesla’s; however, Wayve intends to license its technology to multiple original equipment manufacturers (OEMs). This approach allows Wayve to gather extensive training data to refine its model, unlike Tesla, which relies solely on its own vehicle sales. As of now, Wayve has yet to announce specific automotive partners.

Referring to its hardware-agnostic, mapless technology, Wayve describes its product as "Embodied AI." The platform isn’t limited to automotive applications; it is designed for various robotics companies, enabling it to learn from human behavior in diverse real-world environments. Wayve’s innovative research focuses on multimodal and generative models—named LINGO and GAIA—aiming to provide “language-responsive interfaces, personalized driving styles, and co-piloting” capabilities.

Wayve co-founder and CEO Alex Kendall shared, “We launched the company seven years ago with the goal of creating embodied AI. We've dedicated ourselves to developing this technology, and last year marked a significant turning point for us.”

Kendall highlighted a transformative moment for the automotive sector: “New vehicles now come equipped with surrounding cameras, which are essential for sourcing data for our autonomous platform. With the introduction of powerful GPUs and an eagerness to integrate AI, we see an accelerated transition from assisted to fully automated driving. This funding validates our technical approach and gives us the resources needed to further develop and commercialize our technology.”

He also expressed ambitions for the future of robotics, stating: “Very soon, you’ll purchase a new car featuring Wayve’s AI. Our vision extends beyond vehicles to encompass various forms of robotics. Ultimately, we aim to go beyond traditional AI, fostering trust in intelligent machines capable of performing tasks that enhance daily life, with self-driving technology serving as the initial example.”

In recognition of this significant funding round for the U.K. tech ecosystem, Prime Minister Rishi Sunak issued a supportive statement: “The U.K. has a proud history of leading technological innovations, from the electric light bulb to the World Wide Web and now AI and self-driving cars. I’m immensely proud that U.K. companies like Wayve are pioneering the next generation of AI for autonomous vehicles. This record investment in a British AI firm underscores our position as a leader in this sector.”

Prime Minister Sunak added, “We are dedicated to creating an environment that fosters the growth and success of businesses in the U.K. With the third highest number of AI firms and private investments globally, this announcement reinforces the U.K.’s status as an AI superpower.”

Kentaro Matsui, managing partner at SoftBank Investment Advisers and a member of Wayve’s board, commented: “AI is revolutionizing mobility. The potential to transform this technology could drastically reduce traffic accidents. SoftBank Group is excited to partner with Wayve in this effort, as advanced intelligence redefines mobility and connectivity for a safer, more convenient future.”