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

Forget the Kitty! 7 Stocks Better Than Meme Stocks - Ad

What Is Nvidia's New $1 Trillion Superproject? - Ad

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

With four teams left in the NBA Playoffs, only one of the 15 highest paid players remains.

Bitcoin To Hit $1 Million In Next 10 To 18 Months, Says Crypto Analyst: 'We're Still So Early In The Bitcoin Story'

Jack Mallers, CEO of the Bitcoin wallet and payments app Strike, forecasts that Bitcoin (CRYPTO: BTC) could achieve a seven-figure valuation, potentially reaching up to $1 million.

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.

Ship attacked by Yemen's Houthi rebels was full of grain bound for Iran, the group's main benefactor

DUBAI, United Arab Emirates (AP) — A Greek-owned, Marshall Islands-flagged bulk carrier that came under attack by earlier this week had a cargo of grain bound for Iran, the group's main benefactor, authorities said Thursday.

Sweden will donate $1.23 billion in military aid to Ukraine

COPENHAGEN, Denmark (AP) — The Swedish government said Wednesday that it will donate military aid to Ukraine worth 13 billion kronor ($1.23 billion) in the largest help package Sweden has so far donated.

This "$1,617 Dividend" Expires on June 27

This "$1,617 Dividend" Expires on June 27 - Ad

Imagine getting paid up to $1,617 instantly. While the majority of investors are content with modest dividends, you have the opportunity to claim a dividend that's 209% bigger. If you want a quick and easy way to generate income in June...

Boeing's Production Slowdown Sends Shockwaves Through Aerospace Supply Chain

This uncertainty is causing suppliers to curtail production to avoid the financial burden of maintaining excessive stock.

Rivian CEO Warns Of Rocky Road Ahead As Production Revamp To Cause 'Messy' Q2

These upgrades are expected to increase the R1 production line rate by about 30% and incorporate cost-saving changes to the vehicle.

Trading Strategy With 97% Accuracy - In This Market??

Trading Strategy With 97% Accuracy - In This Market?? - Ad

This top trading expert just took part in an explosive interview where he proved, beyond a shadow of a doubt, how his powerful system multiplies the small stock market gains most investors accept into massive triple-digit profits.

Second Trump Term Could Lead To 'Confrontational Relationship' Between China, US, Says Expert: 'Likely Experience A New Round Of Large-Scale Decline'

Jia emphasized that while Biden's tariffs had limited impact on China-U.S. trade, Trump's policies could lead to significant uncertainties and confrontations.

Donald Trump Supporter Caitlyn Jenner Praises Elon Musk For His Stance On AI And Ways To Avoid A Nuclear Apocalypse: 'I Love This Guy'

Caitlyn Jenner expressed gratitude to Elon Musk for his stance on the potential dangers of political correctness in the development of AI.

The No. 1 Crypto of 2024 (Trading for Less Than 10 Cents)

The No. 1 Crypto of 2024 (Trading for Less Than 10 Cents) - Ad

25X Predicted For THIS Crypto -- Starting on June 24th, this tiny 3-cent crypto just partnered with one of the biggest companies in the world... Amazon. And one team of crypto experts has identified it as the most promising crypto of 2024. You can see all of the details surrounding the No. 1 Crypto of 2024 here.

Trump's Erstwhile Lawyer Testifies To Former President's Involvement In Hush Money Payment: 'Don't Worry Michael, You Will Get Paid Back'

Michael Cohen testified to making payments on behalf of Donald Trump to keep stories of affairs from becoming public.

Amid Nvidia Craze, Jim Cramer Sees A Chip Stock 'Not On Anyone's Radar' About To Break Out: Here's What He Said

Despite it not being on anyone's radar, Jim Cramer believes that Broadcom is about to break out.

These 5 Picks Put You on the Path Towards $500K

These 5 Picks Put You on the Path Towards $500K - Ad

Give me just 10 minutes and I'll show you all the jaw-dropping details I've uncovered behind the next generation of investing... and why NOW is the best time to make your move... No games, no gimmicks...just a very real chance to rake in up to $500k in the next 12 months from these 5 'off the radar' opportunities.

Massive international police operation takes down ransomware networks, arrests 4 suspects

THE HAGUE, Netherlands (AP) — Police coordinated by the European Union's justice agency have taken down computer networks responsible for spreading ransomware via infected emails, in what they called the biggest ever international operation against the lucrative form of cybercrime.

Napkin Sells For $1M, Here's How Lionel Messi Was Involved

Sports memorabilia that involves Lionel Messi is popular with collectors. One of the most unique pieces in Messi's soccer history recently sold at auction.

62 Lawmakers Are Shifting Their Money Into a Shocking New Trend

62 Lawmakers Are Shifting Their Money Into a Shocking New Trend - Ad

It's not artificial intelligence, electric vehicles, or cryptocurrencies. But it could have major implications for your financial situation before the end of the year.

Trump's Niece Says This Could Be A Big Blow To Ex-President's 'Narcissistic Need For Attention': 'Right Now The Only Thing We Can Really Do...'

Mary Trump suggests that the fines imposed on Donald Trump for violating gag orders may not have a significant impact on him.

Trump's Niece Says 'Troubling Rhetoric' From Republican Campaign 'Would Be Something Unthinkable Four Years Ago': 'We Are At The Doorstep Of...'

Mary Trump discussed the peril of normalizing Trump's conduct and its potential repercussions for democracy.

"This Could Be Worth Even More Than A.I."

"This Could Be Worth Even More Than A.I." - Ad

Whitney Tilson's nailed many of the most famous stocks of the last 25 years -- including Netflix, Amazon, and Apple. Now he's pounding the table on a new technology rolling out across America, which early estimates say could create more wealth than A.I., the personal computer, and the smartphone combined.

Wisconsin judge to hear union lawsuit against collective bargaining restrictions

MADISON, Wis. (AP) — A law that drew massive protests and made Wisconsin the center of a national fight over union rights is back in court on Tuesday, facing from teachers and public workers brought after the state's Supreme Court flipped to liberal control.

Top 3 Consumer Stocks That Could Blast Off This Month

Here's the latest list of major oversold players in this sector.

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

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

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

Uber Launches Shuttle Service, Deepens Costco Ties

Uber unveils cost-effective travel options with Uber Shuttle, catering to budget-conscious travelers. Partnering with local fleet operators, the service offers advance booking for up to five seats in high-traffic areas like airports and events. Simultaneously, its expanded partnership with Costco provides exclusive discounts to members, reinforcing Uber's commitment to affordability and customer loyalty in the competitive market.

Dell Technologies Stock Rallied On Wednesday: What Happened?

Dell Technologies (NYSE: DELL) shares experienced an uptick in trading activity on Wednesday following an upward price target revision from BofA Securities. Analyst Wamsi Mohan reaffirmed a Buy rating for Dell Technologies while lifting the price target from $130 to $180.

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.

A ship is attacked and takes on water in the Red Sea off the coast of Yemen, authorities say

DUBAI, United Arab Emirates (AP) — A ship came under attack Tuesday in the Red Sea off the coast of Yemen, with a private security firm saying radio traffic suggested the vessel took on water after being struck.

What's Going On With Palantir Technologies Stock Today?

Last week, Palantir Technologies reported strong Q1 results, beating revenue estimates and delivering six straight quarters of GAAP profitability. It also raised its full-year guidance and aims to be the dominant AI infrastructure in the market.

Mysterious Gold Leverage Just Announced

Mysterious Gold Leverage Just Announced - Ad

Ex-Goldman Sachs VP reveals a secret of the rich and connected that lets you tap into the upside of a huge amount of real, physical gold for just a few dollars at a time. He says the upside could be near 1,000% in the coming future.

OpenAI CEO Sam Altman joins Giving Pledge, focusing his money on tech that 'helps create abundance'

NEW YORK (AP) — The Giving Pledge announced Tuesday that OpenAI CEO Sam Altman has joined its list of wealthy philanthropists committed to donating over half their fortunes.

Nvidia, MicroStrategy, Cisco, Chubb, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Major U.S. indices surged on Wednesday, with the Dow Jones Industrial Average climbing 0.9% to 39,908, the S&P 500 increasing almost 1.2% to 5,308.15, and the Nasdaq rising 1.4% to 16,742.39. These are the top stocks that gained the attention of retail traders and investors throughout the day:

June 26 Deadline: The No. 1 Monthly Dividend ETF

June 26 Deadline: The No. 1 Monthly Dividend ETF - Ad

It's paying 161% bigger dividends than aristocrats, and it's up 5.62% since making its newest announcement. If you add it to your portfolio before June 26, you'll secure a payout of $2.05 PER SHARE!

Boeing reaches deadline for reporting how it will fix aircraft safety and quality problems

is due to tell federal regulators Thursday how it plans to fix the safety and quality problems that have plagued its aircraft-manufacturing work in recent years.

New Jersey and wind farm developer Orsted settle claims for $125M over scrapped offshore projects

ATLANTIC CITY, N.J. (AP) — Danish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company's cancellation of two offshore wind farms last year — a little over a third of what the company once was required to pay.

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

Make Tesla Great Again? Elon Musk Concurs With Steps To Transform EV Maker Into Top Global Company

As the annual shareholder meeting approaches, Tesla's Elon Musk has reiterated his demand for 25% voting control of the company.

Nvidia At The Center Of Global 'Sovereign AI' Wave: Here's What It Means

Nvidia is emerging as a key player in the global drive for 'Sovereign AI' as nations seek to develop independent AI capabilities, a trend that could significantly boost the company's long-term growth.

Shhh! This Is One Great Coin...

Shhh! This Is One Great Coin... - Ad

Shhh! I truly believe this crypto could be one of the top earning cryptos of all time... In fact, in the coming bull run... this one coin could have the potential to bank 10x... 50x... and even 100x.

Medline recalls 1.5 million adult bed rails following 2 reports of entrapment deaths

NEW YORK (AP) — Medical supply company Medline Industries is recalling some 1.5 million portable adult bed rails across the U.S. and Canada, following two reports of entrapment deaths associated with the products.

Trending Now