NVIDIA wants to invest $500M into this self-driving tech start-up
What's the story
NVIDIA, the leading US chip designer, is considering a $500 million investment in Wayve, a British start-up specializing in autonomous driving technology. The move comes after a recent tech agreement between the UK and the US. Wayve uses machine learning and camera sensors for its self-driving capabilities. The firm had previously raised over $1 billion in funding led by SoftBank with NVIDIA as an investor.
Innovative technology
Wayve's unique approach to self-driving technology
Founded in 2017, Wayve has developed a unique approach to self-driving technology. Unlike traditional systems that depend on detailed digital maps and coding, Wayve utilizes machine learning with camera sensors on vehicles. This innovative technology allows the company to learn from traffic patterns and driver behavior. The London-based start-up currently operates in the UK and US, with plans for expansion into Germany and Japan.
Investment pledge
NVIDIA's commitment to boost UK's AI start-up ecosystem
Along with the potential investment in Wayve, NVIDIA has also pledged £2 billion ($2.6 billion) to bolster the UK's AI start-up ecosystem. The commitment will be funded by venture-capital investors like Accel, Air Street Capital, Balderton, Hoxton Ventures, and Phoenix Court. This move is part of a broader strategy by NVIDIA CEO Jensen Huang to strengthen ties between the US and UK in artificial intelligence and other sectors.
Strategic partnership
Letter of intent signed between Wayve and NVIDIA
Wayve has signed a letter of intent with NVIDIA to explore the $500 million strategic investment in its next funding round. The start-up's self-learning approach, similar to Tesla's strategy, is particularly attractive to automakers as it doesn't depend on specific sensors or maps. Wayve plans to sell its "Embodied AI" technology to automakers and other tech companies.