Search Mark
Home / Industry Dynamics

Wayve Secures USD 1 Billion to Advance Autonomous Driving AI 


Today’s News 

"The full potential of A.I. is realized when we can trust machines to operate autonomously in the physical world," says Alex Kendall, co-founder of Wayve. 
Image Source: Wayve 
“The full potential of A.I. is realized when we can trust machines to operate autonomously in the physical world,” says Alex Kendall, co-founder of Wayve. 
Image Source: Wayve 

Wayve, a London-based company specializing in artificial intelligence systems for self-driving vehicles, has announced a remarkable milestone, securing a staggering USD 1 billion in funding. This investment, led by SoftBank, alongside major players like Microsoft and Nvidia, underscores the growing confidence in AI’s transformative potential across industries. 

Previous investors in Wayve include Yann LeCun, Meta’s chief A.I. scientist. Despite having raised about USD 300 million previously, Wayve chose not to disclose its valuation after this latest investment. 

Co-founded in 2017 by Alex Kendall, a Cambridge University doctoral student, Wayve’s AI systems stand apart by enabling real-time decision-making in physical environments, whether in cars, robots, or manufacturing systems. According to Mr. Kendall, the essence of AI’s true potential lies in machines operating in the physical realm with reliability. 

Alex Kendall, 29, is the CEO and co-founder of autonomous driving startup Wayve. 
Image Source: Wayve 
Alex Kendall, 29, is the CEO and co-founder of autonomous driving startup Wayve. 
Image Source: Wayve 

Despite the challenges facing autonomous driving ventures, including high costs and regulatory hurdles, Wayve, with its team of 300 employees, has been rigorously testing its technology on British roads since 2018 and plans for expansion. Their approach, leveraging cameras, sensors, and cutting-edge car tech, differs notably from other players in the field, such as Waymo and Tesla, by minimizing reliance on high-definition maps and lidar sensors. 

Transparency is key for Wayve, as it builds software to elucidate driving decisions, aiming to earn regulators’ trust. This monumental investment in Wayve reflects Europe’s growing prowess in tech innovation, with Prime Minister Rishi Sunak stating that “I’m incredibly proud that the U.K. is the home for pioneers like Wayve who are breaking ground as they develop the next generation of A.I. models for self-driving cars.” 

With SoftBank’s backing, Wayve is poised to transition its research efforts into commercial products, with negotiations underway with leading automobile manufacturers to integrate their software into future vehicles. 

Other News

Ping An Opposes HSBC CEO Reappointment 

China’s Ping An Insurance Group, a major HSBC investor, reportedly withheld support for reelecting CEO Noel Quinn to the bank’s board, signaling dissent as Quinn plans to step down upon appointing a successor.

Goldman Sachs’ 1MDB Case Formally Concludes 

A U.S. judge formally closed the criminal case against Goldman Sachs related to its work with Malaysian fund 1MDB after the bank paid USD 2.9 billion in penalties and met its obligations, with the bribery conspiracy charge dismissed. 

Fed Survey Says U.S. Banks See Weaker Loan Demand 

A Federal Reserve survey reveals a decrease in demand for industrial and household loans among U.S. banks in the first quarter, with tightening credit standards potentially affecting economic activity ahead. 

Share to

Industry Dynamics

FDIC Chairman Gruenberg to Step Down Once Successor is Confirmed

FDIC Chairman Martin Gruenberg announced he will resign following an investigation that uncovered widespread sexual harassment at the agency, bowing to bipartisan pressure for new leadership. 

2024-5-21 | Industry Dynamics

Iranian President Ebrahim Raisi Killed in Helicopter Crash

Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian tragically dead in a helicopter crash. 

2024-5-20 | Industry Dynamics

Weekly Economic Calendar For May 20th, 2024 – May 24th, 2024

Weekly Economic Calendar For May 20th, 2024 – May 24th, 2024

2024-5-17 | Industry Dynamics