Wayve raises $1B to take its Tesla-like technology for self-driving to many carmakers

Wayve, a U.K.-born startup developing a self-learning rather than rule-based system for autonomous driving, has closed $1.05 billion in Series C funding led by SoftBank Group. This is the U.K.’s largest AI fundraise ever and sits among the top 20 AI fundraises globally to date.

Also participating in the raise was Nvidia and existing investor Microsoft. Wayve’s early-stage investors included Meta’s head of AI, Yann LeCun.

Wayve, which was founded in Cambridge in 2017, raised $200 million in a Series B round in January 2022 led by Eclipse Ventures, which also led the company’s $20 million Series A round in 2019.

The company plans to use the fresh capital injection to develop its product for “eyes on” assisted driving and “hands off” fully automated driving and other AI-assisted automotive applications. It plans to expand operations globally.

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