Nvidia Joins $1.05B Wayve Funding, Advances Automated Driving

Shivani Kumaresan

May 07, 2024

U.S. chipmaker Nvidia Corp. (NASDAQ:NVDA) has joined as a new investor in a $1.05 billion funding round for Wayve Technologies Ltd., a U.K. startup focused on advancing autonomous-driving technology.

The investment round, led by SoftBank Group Corp. (OTC:SFTBY) and including contributions from existing investor Microsoft Corp. (NASDAQ:MSFT), highlights the ongoing interest in AI and bolsters the self-driving car sector, which has faced regulatory challenges.

Wayve aims to integrate its embodied intelligence technology into vehicles of various carmakers and fleet operators rather than owning or operating the cars directly, according to a report from Bloomberg.

Embodied AI integrates advanced AI into vehicles and robots to transform how machines interact with, comprehend, and learn from human behavior in real-world environments, helping in greater usability and safety in autonomous driving systems.

CEO Alex Kendall plans to initially focus on driver-assist technology before advancing to fully autonomous vehicles, the report mentioned.

Talking about the company’s approach, Kendall emphasized Wayve’s goal of creating technology that learns driving rules independently, distinguishing it from competitors like Alphabet Inc.’s (NASDAQ:GOOGL) Waymo.

Despite enthusiasm for autonomous driving, the sector has faced challenges. General Motors Co.’s (NYSE:GM) self-driving unit, Cruise, encountered setbacks, including an accident in San Francisco.

Similarly, Argo AI and Uber Technologies Inc.(NYSE:UBER) faced obstacles in their autonomous driving endeavors.

Wayve plans to utilize the raised funds to expand its team and computing capabilities. With previous investments totaling over $258 million, the startup aims to capitalize on commercial deals to achieve profitability.

According to Prime Minister Rishi Sunak, the funding signifies the U.K.’s prowess in AI, which the report mentioned.

The company’s growth strategy includes the establishment of a research center in Vancouver, supplementing its existing locations in London and Mountain View, California.

Read Next: Microsoft Takes On Google And OpenAI With New AI Model: Report

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock

Recommended

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

"America's No. 1 Retirement Stock" (Name Inside) - Ad

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

Apple made headlines with innovative accessibility features, labor strikes, and potential partnerships. Stay updated with a quick roundup of top stories.

Top 3 Materials Stocks You May Want To Dump In May

Three stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

Should You Buy Bitcoin in 2024? [Expert's Shocking Answer]

Should You Buy Bitcoin in 2024? [Expert's Shocking Answer] - Ad

Bitcoin minted 100,000 millionaires and if you're not one of them, that ship has sailed. But there's another millionaire-minting crypto at our doorstep... research shows this coin could be 20X bigger than Bitcoin by the end of the decade. With crypto starting to heat up again, this could be the perfect time to get in.

Apple's WWDC Announcements May Not Be As 'Impressive' As OpenAI, Google, Says Gurman: 'They Can Improve Their AI Technology Quickly And Keep Wowing Users'

Apple, which has lagged behind its rivals in the AI race, now has only one recourse to stay relevant, according to Bloomberg's Mark Gurman.

Buffett Says No Other Americans Would Have Had To Pay Even A Dime In Federal Taxes If This Had Happened

Warren Buffett suggests that federal taxes will likely increase given the country's precarious fiscal position, and he expressed Berkshire's willingness to cover the tax bill it faces.

America Has New Type of Money, Making Some Rich...Should You Get It?

America Has New Type of Money, Making Some Rich...Should You Get It? - Ad

One of America's most controversial CEOs says, "A new form of money in America is making some people (including Elon Musk, Jeff Bezos, and 17 of America's 25 wealthiest individuals), rich. It has nothing to do with gold, bitcoin, or anything like that, but it's 100% legal. The problem? Few Americans have a real understanding of how it works.

Palantir, Boeing, Lucid Group, Hims & Hers, Tesla: Why These 5 Stocks Are On Investors' Radars Today

On Monday, major U.S. stock indexes experienced gains, with the S&P500 closing nearly 1% higher at 5,180.74

Elon Musk Issues Stark Warning Amid Rising National Debt: '...The Dollar Will Be Worth Nothing'

Elon Musk has voiced concerns about the future stability of the U.S. dollar, highlighting the escalating national debt as a potential catalyst for a looming economic crisis.

Defi Coin Triggers All "Buy" Signals and Could Break Out Soon

Defi Coin Triggers All "Buy" Signals and Could Break Out Soon - Ad

Some are calling this the most promising DeFi project since Ethereum itself. Here's the #1 DeFi Coin Set to Soar. While Bitcoin grabs headlines, this lesser known DeFi coin is quietly gearing up for a monster rally. Experts say now is the time to buy before it reaches escape velocity.

'I'm Not Supplying The Weapons:' Biden Takes His Strongest Stance On Israel Amid Rafah Invasion

Israel insists that the strike on Rafah is necessary to counter the numerous Hamas fighters allegedly located there.

Red Lobster closes dozens of locations across the US just months after 'endless shrimp' losses

NEW YORK (AP) — Dozens of Red Lobster locations across the U.S. are on the chopping block.

How to Profit From the New Boom in Gold

How to Profit From the New Boom in Gold - Ad

Gold just passed $2,000/oz and is set for a new bull run in 2024. Now a renowned precious metals expert is sharing his No. 1 way to play it for just $5.

Federal appeals court upholds ruling that Zion Williamson's 2019 contract with an agent was void

RICHMOND, Va. (AP) — A federal appeals court has that NBA star Zion Williamson's contract with a marketing agent was void because the agent was not licensed in North Carolina when the two entered an agreement in 2019.

Ethereum's Bottom Against Bitcoin 'Still Likely A Few Months Away,' Predicts Crypto Analyst

Prominent cryptocurrency analyst Benjamin Cowen predicted further bearish momentum for Ethereum (CRYPTO: ETH) to Bitcoi

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years - Ad

Three of the world's biggest AI companies -- Google, Nvidia and Intel -- have even partnered with my No. 1 Imperium company to get on this massive mega trend. The average investor hasn't caught on yet, but you can still invest in my No. 1 Imperium company for just $10 a share.

We know late-night screens are bad for sleep. How do you stop doomscrolling in bed?

Like many of us, Jessica Peoples has heard the warnings about excessive screen time at night. Still, she estimates spending 30 to 60 minutes on her phone before going to sleep, mostly scrolling through social media.

Colombia breaks diplomatic ties with Israel but its military relies on key Israeli-built equipment

BOGOTA, Colombia (AP) — Colombia has become the latest Latin American country to announce that it over its military campaign in Gaza, but the repercussions for the South American nation could be broader than for other countries because of longstanding bilateral agreements over security matters.

Elon's New A.I. Device is About to Shock the World

Elon's New A.I. Device is About to Shock the World - Ad

Using this device you see... Elon Musk just tested a new type of A.I. that according to Wired Magazine will usher in... "The next step in human evolution."

Asia Up, Europe Mixed, While Yen Surges Against Dollar - Global Markets Today While US Slept

US stock markets closed higher, driven by strong earnings and mild inflation data. Asian markets also gained, while eurozone and oil prices dipped.

Three groups are suing New Jersey to block an offshore wind farm

LONG BEACH TOWNSHIP, N.J. (AP) — Three anti-wind power groups are suing New Jersey to overturn a key environmental approval for a wind energy farm planned off the coast of Long Beach Island.

Billionaires Are Now FLOODING Into Gold

Billionaires Are Now FLOODING Into Gold - Ad

Ray Dalio, John Paulson, and many others all recommend you own gold right now. But did you know there's another huge investor (worth more than all the world's billionaires COMBINED) buying gold by the ton? That's why the best move to make right now could be this little-known gold investment (which you can get started with for just $5).

Once Vehicles For Republican Presidents To Connect With Southern Whites, Motor Sports Are Shifting Away From Trump

The fading sway of Trump in motor sports suggests the breakup of the conservative-racing connection, as shown by recent developments at the Miami Grand Prix.

Fraudsters target small businesses with scams. Here are some to watch out for

NEW YORK (AP) — It's never fun to be scammed, but if you're a small business owner then falling for a scam can have long-lasting effects on a business, damaging client relationships and profit.

Amazon's Betting Big on This Unknown AI Company

Amazon's Betting Big on This Unknown AI Company - Ad

Amazon has just made a stunning $144 million investment in one small AI company. Why? Because this under-the-radar firm holds the key to unleashing the full potential of next-gen AI... Its technology is crucial for the most advanced AI chips, including Nvidia's latest breakthrough.

Here's How Much A Super Bowl LIX Commercial Will Cost, How Fox Corporation Stock Could Benefit

Super Bowl LIX is months away, but it's already time to talk about the commercials with a high price tag already reported.

Taylor Swift bill is signed into Minnesota law, boosting protections for online ticket buyers

MINNEAPOLIS (AP) — People buying tickets online for concerts, sporting events and other live events in Minnesota will be guaranteed more transparency and protection under a so-called Taylor Swift bill signed into law Tuesday by Gov. Tim Walz.

America Just Hit a Grim Milestone

America Just Hit a Grim Milestone - Ad

Nearly half of U.S. households currently hold no retirement savings. Retirement expert Dr. David Eifrig says what happens next will separate a small number of winners from a very large number of losers. Learn how to protect yourself and your money with his four simple steps that he shares right here.

California moves closer to requiring new pollutant-warning labels for gas stoves

SACRAMENTO, Calif. (AP) — California could require all new gas stoves sold in the state to carry a label warning users about pollutants they can release that have been linked to respiratory illnesses.

Berkshire Hathaway event gives good view of Warren Buffett's successor but also raises new questions

This year's gave shareholders their best chance yet to hear from the man who will one day take over as CEO when Warren Buffett is gone, but Buffett said for the first time Saturday that should also take responsibility for the company's investments after he takes over, raising new questions about the succession plan.

AI & Crypto in One $11 Investment

AI & Crypto in One $11 Investment - Ad

Right now, you can harness the power of two bull markets... Artificial intelligence and cryptos...In one simple $11 investment.

Edmunds: Trade or sell your car? What's best might surprise you

There’s never been a more critical time to know whether it’s better to sell your car privately or trade it in.

Supreme Court rejects Musk appeal over tweets that must be approved by Tesla

WASHINGTON (AP) — The Supreme Court on Monday rejected an appeal from over a settlement with securities regulators that requires him to get approval in advance of some tweets that relate to Tesla, the electric vehicle company he leads.

What's the Big Thing Musk, Bezos and Tim Cook All Have in Common?

What's the Big Thing Musk, Bezos and Tim Cook All Have in Common? - Ad

As Melinda French Gates leaves the Gates Foundation, many hope she'll double down on gender equity

NEW YORK (AP) — Melinda French Gates is already one of the biggest philanthropic supporters of gender equity in the United States and is now poised to put another $12.5 billion toward intractable problems like closing the gender pay gap and increasing women's political participation, her grantees hope.

Warren Buffett Comments On Whether Elon Musk's FSD Will Impact Berkshire's Auto Insurance Business. Will Oracle Of Omaha Bet On Tesla?

Warren Buffett is not a big fan of zero-emission stocks and asked shareholders not to rely on Berkshire for guidance on EV investing.

Could Elon Musk's New Device Save Us from A.I. Apocalypse?

Could Elon Musk's New Device Save Us from A.I. Apocalypse? - Ad

A strange new era for mankind is upon us... And it's all thanks to Elon Musk's latest creation. So he invented this strange new device to protect us against that A.I. threat. See this strange device you could be wearing some day.

Bitcoin Tops Returns In All Asset Classes Amid 'Repeatedly Disappointing Inflation Data': Mohamed El-Erian Shares Insights On Market Volatility

Renowned economist Mohamed El-Erian shared a comprehensive table of financial returns for major assets and asset classes, highlighting the volatility of the market in April.

Bob Iger Says This Streaming Platform Is The Gold Standard, Praises Rival For Cracking Down On Password Sharing: 'We're Heartened By The Results That Netflix Has Delivered'

Disney CEO Bob Iger announced a global crackdown on password sharing for streaming services, inspired by Netflix's success with a similar policy, aiming to boost growth and emulate the "gold standard" set by Netflix in streaming.

Nvidia's Secret Partner... This Is the New AI Chip Powerhouse

Nvidia's Secret Partner... This Is the New AI Chip Powerhouse - Ad

One unknown AI startup could match or even exceed AI's biggest runs in the coming years. Why? Because its technology solves the biggest problem holding back AI. It's a critical component that the industry can't advance without. This company just went public, so right now, it's under the radar.

Trump's Son-In-Law Back In Political Arena? Jared Kushner Reportedly Making Calls To Potential Donors To Attend Ex-President's New York Fundraiser For 2024 Run

It is unclear whether Kushner's recent fundraising efforts are a one-time occurrence or a sign of his increased involvement in Trump's 2024 campaign.

Trending Now

Trump Faces Greater Threat Not From Michael Cohen, But From This Person, Says Scaramucci: 'This Wreckage Is Going To Come Back To Haunt Him Come November'