Sure, here’s a more human-like version:
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Wayve, a startup originating from the UK and focusing on developing a self-learning approach for autonomous driving, just secured a massive $1.05 billion in Series C funding. This investment, spearheaded by SoftBank Group, marks the largest AI funding round ever in the UK and ranks among the top 20 globally for AI investments.
Joining SoftBank Group in this funding round are notable participants like Nvidia and existing investor Microsoft. Wayve’s journey started back in 2017 in Cambridge, where it raised $20 million in a Series A round, followed by a $200 million Series B round in January 2022, led by Eclipse Ventures.
With this fresh injection of capital, Wayve aims to further develop its product for both assisted driving with “eyes on” and fully automated driving with “hands off” capabilities, alongside other AI-driven automotive applications. The company also plans to expand its operations on a global scale.
While San Francisco remains a hotspot for autonomous driving initiatives, with companies like Waymo and Cruise leading the charge, Wayve’s unique approach began on the streets of Cambridge with an electric Renault Twizy. Since then, it has been honing its model, even partnering with companies like Ocado for training purposes.
Wayve’s strategy for autonomous driving draws parallels to Tesla’s, but with the intention to sell its model to various auto OEMs. This approach potentially offers a broader scope for collecting training data compared to Tesla’s reliance on car sales.
The company describes its hardware-agnostic mapless product as “Embodied AI” and plans to distribute it not only to car manufacturers but also to robotics companies, enabling learning from human behavior in diverse real-world environments. Wayve’s research focuses on multimodal and generative models, promising “language-responsive interfaces, personalized driving styles, and co-piloting.”
Alex Kendall, co-founder and CEO of Wayve, emphasized the significant strides made in the automotive industry, particularly in equipping vehicles with cameras and GPUs, which bolster the applicability of AI-driven solutions like Wayve’s autonomous platform.
The endorsement of this fundraise by UK Prime Minister Rishi Sunak underscores its broader significance for the country’s technological advancement. SoftBank Investment Advisers’ managing partner, Kentaro Matsui, highlighted the transformative potential of AI in mobility, aiming to significantly reduce traffic accidents.
Overall, Wayve’s latest funding round signals not only a milestone for the company but also for the UK’s position as a leader in AI innovation, reaffirming its commitment to fostering economic growth and technological advancement.
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