A UK firm developing artificial intelligence (AI) tech to power self-driving cars has raised $1.05bn (£840m) in funding.
Microsoft and leading chip-maker, Nvidia, are among the companies investing in Wayve’s latest funding round, led by investment firm SoftBank.
It is the largest known investment in an AI company in Europe to date.
Wayve says the funding will allow it to help build the autonomous cars of the future.
Prime Minister Rishi Sunak said it “anchors the UK’s position as an AI superpower”.
“The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry”, he said.
“[The investment] sends a crucial signal to the market of the strength of the UK’s AI ecosystem, and we look forward to watching more AI companies here thrive and scale,” said Wayve head Alex Kendall.
Despite their upbeat tone, all of the world’s most valuable AI firms are based in the United States or China.
The UK’s competition watchdog is investigating whether a handful of big tech firms are set to dominate much of the market.
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