This week, the CEO of Nvidia, Jensen Huang, made a significant visit to the United Kingdom, announcing a remarkable commitment of £2 billion (approximately $2.6 billion) aimed at enhancing the nation’s AI startup landscape. Among the potential beneficiaries of this investment is Wayve, a pioneering self-driving technology startup based in the UK, which has indicated that it may receive a portion of these funds.
Wayve has recently disclosed that it has entered into a letter of intent with Nvidia to explore a strategic investment of $500 million in its upcoming funding round. This follows Nvidia’s participation in Wayve’s Series C funding round, which successfully raised $1.05 billion and concluded in May 2024.
A representative from Wayve confirmed that this tentative $500 million commitment aligns with Nvidia’s broader investment strategy focused on AI startups.
During a recent event, Nvidia elaborated on its £2 billion investment plan, which will also involve contributions from various venture capital firms, including Accel, Air Street Capital, Balderton, Hoxton Ventures, and Phoenix Court. However, an Nvidia spokesperson refrained from commenting on the specifics of the letter of intent.
Wayve’s co-founder and CEO, Alex Kendall, did not provide a specific timeline for the closing of its Series D funding round but mentioned that the company is making rapid progress towards it.
Founded in 2017, Wayve has garnered significant attention for its innovative automated driving system, which employs a self-learning methodology rather than a traditional rules-based approach. This unique end-to-end neural network does not rely on high-definition maps; instead, it utilizes data to train vehicles on how to navigate. This data-centric learning model supports both assisted driving and fully automated driving capabilities.
The company aims to market its “Embodied AI” technology to automotive manufacturers and other technology firms.
Wayve’s self-learning strategy, akin to Tesla’s approach, is particularly attractive to car manufacturers as it does not depend on specific sensors or detailed maps. This flexibility allows Wayve’s system to integrate seamlessly with existing sensors such as cameras and radar. The automated driving software processes data from these sensors, which directly influences the system’s driving decisions.
Moreover, Wayve’s software is designed to operate on the chips that its OEM partners already utilize in their vehicles, although the startup has maintained a close collaborative relationship with Nvidia since 2018.
The second generation of Wayve’s self-driving platform, currently integrated into its Ford Mach E test vehicles, utilizes Nvidia GPUs. Recently, the startup introduced its third-generation platform, which leverages the Nvidia Drive AGX Thor autonomous vehicle development kit. This new generation will enable Wayve to provide advanced driving assistance systems and Level 4 driverless capabilities suitable for urban and highway environments.
Nvidia, particularly under Huang’s leadership, appears eager to play a pivotal role in Wayve’s future developments.
In a video showcasing his inaugural ride in a Wayve-equipped vehicle through the bustling streets of London, Huang remarked, “The next trillion-dollar company, you guys.” This video, which has been previewed by TechCrunch and is set for release soon, features Huang presenting Kendall with Nvidia’s Thor developer kit.
“We picked him up from his hotel and went for a drive around Central London through some really busy streets, including Hyde Park corner — that’s this massive roundabout here,” Kendall shared in a recent interview. “I really loved that experience, and it was cool to show him what we’ve always been building on as a result of Nvidia’s platform over the years.”