Nvidia Commits £2 Billion to Boost UK AI Startup Ecosystem, Eyes Investment in Wayve
Nvidia CEO Jensen Huang Visits UK with a £2 Billion AI Investment Pledge
This week, Nvidia's CEO Jensen Huang visited the United Kingdom, bringing a promise to invest £2 billion ($2.6 billion) to enhance the nation's AI startup landscape. One potential beneficiary of this significant funding is Wayve, a UK-based autonomous driving technology startup, which announced its interest in receiving part of Nvidia’s AI funding initiative.
Wayve reported signing a letter of intent with Nvidia to explore a $500 million strategic investment as part of its upcoming funding round. Nvidia had previously participated in Wayve’s $1.05 billion Series C funding round in May 2024. A company spokesperson confirmed that the proposed $500 million is included within Nvidia’s broader AI startup investment pledge.
During an event on Thursday, Nvidia highlighted that the £2 billion commitment would involve investments from prominent venture capital firms such as Accel, Air Street Capital, Balderton, Hoxton Ventures, and Phoenix Court. When queried about the letter of intent, an Nvidia spokesperson declined to comment.
Wayve’s CEO and co-founder Alex Kendall refrained from providing a specific timeline for closing its Series D funding round but indicated that the company is working swiftly towards it.
Founded in 2017, Wayve has attracted attention for its innovative approach to autonomous driving — employing a self-learning, neural network-based system that sidesteps the need for high-definition maps. Instead, the system learns to drive from data, enabling both assisted driving and fully automated driving modes. The company's goal is to offer "Embodied AI" solutions to automakers and technology firms.
Wayve’s self-learning approach is comparable to Tesla’s strategy and is particularly appealing to automakers because it eliminates dependence on specific sensors or mappings. The system can operate effectively with existing sensors such as cameras and radar, collecting sensor data that directly influences driving decisions.
Currently, Wayve’s software can run on standard automotive chips, but the company has maintained a close development partnership with Nvidia since 2018. Its second-generation self-driving platform, which is integrated into Ford Mach E vehicles, utilizes Nvidia GPUs. Recently, Wayve unveiled its third-generation platform featuring Nvidia’s Drive AGX Thor compute unit, capable of enabling Level 4 autonomous driving and city street navigation.
Huang appears highly enthusiastic about Wayve’s future, emphasizing Nvidia’s interest in fostering its growth. In a video featuring his first ride in a Wayve-equipped vehicle on London streets, Huang remarked, “The next trillion-dollar company, you guys,” while taking and handing back the Thor developer kit during a drive through central London, including Hyde Park corner.
Kendall shared his experience, saying, “I really loved that ride, and it was cool to showcase what we’ve been building with Nvidia’s platform over the years.”
Wayve continues to develop its self-driving systems with Nvidia’s support, aiming to deliver advanced autonomous features suitable for urban environments and highways. This collaboration exemplifies the strengthening ties between UK startups and international tech giants committed to transforming mobility through AI.
Author: Kirsten Korosec, Transportation Editor at TechCrunch