British AI company secures $1 billion funding for self-driving vehicles
The artificial intelligence (AI) company, Wayve, has secured a $1.05 billion investment to develop the next generation of AI-powered self-driving vehicles.
The British company will be using this investment to develop and launch the first “embodied AI” technology for self-driving vehicles in the UK.
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What is embodied AI?
Embodied AI refers to artificial intelligence systems that are not only capable of processing information and making decisions but are also situated within and interacting with physical environments.
Embodied AI in self-driving or automated vehicles means that the vehicle’s AI system will be able to interact with and learn from a real-world environment. It will include the ability to learn from and deal with random actions by drivers and pedestrians.
What the investment could mean?
The self-driving vehicle industry is expected to be worth £42 billion and by 2035 will have created more than 38,000 more skilled jobs.
It is believed that self-driving vehicles have the potential to reduce accidents, most of which occur because of human error. The Automated Vehicles Bill, currently being considered by the government, sets out robust safety testing provisions and confirms where liability lies for self-driving vehicles.
Wayve co-founder and CEO, Alex Kendall, said that 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.”