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Wayve raises $1B Series C funding round led by SoftBank, Europe’s largest AI round

Wayve raises $1B Series C funding round led by SoftBank, Europe’s largest AI round

UK-based autonomous vehicle launch Wow Led by SoftBank and backed by tech giants NVIDIA and Microsoft, it has raised a staggering $1.05 billion in its Series C funding round. The round marks Europe's largest-ever AI investment for a startup, bringing Wayve's total funding to $1.26 billion.

Wayve specializes in developing AI software for autonomous vehicles, with the goal of enabling them to learn while driving rather than relying entirely on pre-mapped routes. The funding will support the further development of Wayve's technology and the launch of its first commercial products to car manufacturers.

Founded in 2017, Wayve gained attention for its innovative approach to AI in self-driving vehicles. While the company has yet to generate revenue, it is in talks with a number of manufacturers to integrate its technology into future vehicles.

In April, Wayve unveiled a groundbreaking AI model that combines vision and language capabilities to interpret sensor data and communicate with users. This development represents an important step in increasing public confidence in autonomous vehicles.

While the US autonomous vehicle market has seen a lot of investment in companies like Waymo and Cruise, Europe has been relatively quiet. Wayve now leads the European AV sector in funding, with rivals like Conigital and Einride trailing behind.

The UK, where Wayve is based, sees the funding as a testament to its growing AI ecosystem. Prime Minister Rishi Singh hailed the deal as cementing Britain's AI superpower status.

Despite significant advances in AI, the challenge for Europe's AV sector lies in commercializing its technology. Wayve aims to work with car manufacturers to add autonomous driving features to vehicles, with long-term plans for fully automated mobility solutions.

As the AV industry evolves, companies face pressure to generate revenue. The next few years will determine the industry's winners and losers, with Wayve leading the way after this substantial funding round.

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