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UK startup gets $1bn funding for self-driving car tech

UK startup gets $1bn funding
UK startup gets $1bn funding

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A UK-based company developing AI solutions for autonomous vehicles has secured funding of $1.05 billion (£840 million). The most recent round of funding for Wayve was led by investment firm SoftBank and included Microsoft and major chipmaker Nvidia among its investors. Up until now, no European investment has been larger than this one in an AI startup. Wayve plans to use the money to help with the research and development of driverless cars.

The prime minister, Rishi Sunak, said the deal “anchors the UK’s position as an AI superpower” and highlighted the importance of the deal by saying that it was a British firm that had received the most investment in an AI startup in the country up to that point.

In spite of this encouraging trend, the US and China continue to host the majority of the world’s most valued artificial intelligence companies. The UK’s antitrust regulator is looking into the possibility that a small number of large technology companies are about to corner the market.

Using “embodied AI,” which engages with and learns from real-world situations and surroundings, Wayve’s technology aims to power future self-driving automobiles.

Self-driving cars might be available on certain UK roadways by 2026, according to former UK transport secretary Mark Harper. The government is anticipated to soon enact regulations for autonomous vehicles, which it anticipates would initiate a transportation revolution.

Companies and drivers would be relieved of legal responsibility under the Automated Vehicles Bill, which seeks to provide a regulatory framework for the safe operation of vehicles equipped with assistive or autonomous driving capabilities on UK roadways.

But there have been roadblocks on the way to widespread international use of self-driving technology. In the wake of tragic accidents, authorities in the United States are investigating the security of certain manufacturers’ AI-powered safety measures for vehicles. The NHTSA is investigating many automakers, including Ford and Tesla, over the security of their vehicles and driver assistance systems.

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