UK Startup Secures $1 Billion For Self-Driving Car Tech

A UK firm developing artificial intelligence (AI) technology for self-driving cars has raised $1.05 billion (£840 million) in funding, BBC News reported.

Prime Minister Rishi Sunak visited Wayve's headquarters and spoke with company executives such as CEO and co-founder, Alex Kendall. I Photo: Simon Walker, Number 10 Downing Street Flickr

Investors, including Microsoft and chip-maker Nvidia, participated in Wayve's funding round, led by investment firm SoftBank.

This investment, the largest in a European AI company to date, will aid Wayve in building autonomous vehicles. Prime Minister Rishi Sunak hailed the investment as anchoring the UK's position as an AI superpower, showcasing the strength of the UK's AI ecosystem.

Wayve head Alex Kendall welcomed the investment as a testament to the UK's leadership in the AI industry, expressing optimism for the growth of AI companies in the UK.