UK AI company Wayve has announced a $1.05bn investment to develop the next generation of AI-powered self-driving vehicles today.
Backed by tech giants such as Microsoft, Wayve will use this investment to develop and launch the first embodied AI technology for self-driving vehicles in the UK.
Embodied AI will enable automated vehicles to learn from and interact with a real-world environment.
This includes the ability to navigate and learn from situations that do not follow strict patterns or rules, such as unexpected actions by drivers or pedestrians – going far beyond the capabilities of existing AV technology.
The UK leads the way in these emerging industries
Today’s investment cements the UK’s position as a world leader in these emerging industries, with both the self-driving vehicle and AI sectors bringing huge potential for economic growth as they develop.
Between 2018 and 2022, the UK autonomous vehicle sector alone generated £475m of direct investment and created 1,500 new jobs.
As the self-driving vehicle industry grows in the UK, it is expected to be worth £42bn and create 38,000 more skilled jobs by 2035.
The AI sector also already employs more than 50,000 people in the UK and contributes more than £3.7bn to our economy every year. By 2035, our AI market is forecast to grow to over $1tr.
Prime Minister Rishi Sunak said: “I’m incredibly proud that the UK is the home for pioneers like Wayve who are breaking ground as they develop the next generation of AI models for self-driving cars.
“We already have the third highest number of AI companies and private investment in AI in the world, and this announcement anchors the UK’s position as an AI superpower.”
The Automated Vehicles Bill: Unlocking a transport revolution
Wayve’s investment comes as the UK’s Automated Vehicle Bill is set to conclude its passage through parliament in the coming weeks.
The Automated Vehicles Bill will unlock a transport revolution by enabling the safe deployment of self-driving vehicles – reinforcing the UK’s position as a global leader in this high-growth industry.
Under the Bill’s provisions, all self-driving vehicles will be required to undergo robust safety testing before they are permitted to drive on UK roads.
It will also ensure clear legal liability when a vehicle is driving itself by creating new legal entities responsible for self-driving vehicles.
“This investment is not only a vote of confidence both in our status as an AI and innovation powerhouse, but in the broader steps we have taken to make the UK a magnet for investment and growth,” explained Michelle Donelan, Secretary of State for Science, Innovation, and Technology.
“This injection of money will put the UK at the heart of driving forward new, cutting-edge AI solutions for self-driving vehicles, made possible by our pro-innovation approach to managing this generation-defining technology.”
