A BRITISH artificial intelligence (AI) startup that is creating autonomous systems for vehicles has secured over $1bn (£800m) in backing, in what is the UK's largest ever AI fundraise.

Wayve has announced a $1.05bn (£837m) Series C investment round led by Japanese tech giant Softbank, along with Nvidia and existing investor Microsoft.

Founded in 2017, the startup has been integrating its technology, called 'embodied AI', into cars and robots, transforming them into autonomous vehicles that it says can see, think, and drive through any environment.

Alex Kendall, co-founder and chief executive of Wayve, said his vision is to develop a technology that "earns people's trust by seamlessly integrating into their everyday lives".

He said: "This significant funding milestone highlights our team's unwavering conviction that Embodied AI will address the long-standing challenges the industry has faced in scaling this technology to everyone, everywhere.

"Our collaboration with Softbank, Nvidia, and Microsoft will help advance our mission to redefine driving with AI at the core.

"This investment will enable us to develop and launch our first Embodied AI products for the automotive industry, empowering OEMs to provide consumers with trustworthy and beneficial automated driving experiences."

(c) 2024 City A.M., source Newspaper