SoftBank-led Wayve’s most recent fundraising round includes investments from Microsoft and Nvidia, one of the top semiconductor manufacturers. Till date, it is the biggest known investment in a European AI business.

According to Wayve’s head, Alex Kendall, the cash will enable Wayve to assist in the development of future autonomous vehicles. “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.”

All of the most valuable AI companies in the world are headquartered in China or the United States. The competition watchdog in the UK is looking at the possibility of a few large IT companies controlling a large portion of the market.

Wayve is creating “embodied AI” technology, which it hopes will power future self-driving cars. In contrast to Artificial Intelligence models performing cognitive or creative tasks like answering queries or drawing drawings, the new technology engages with and picks up knowledge from real-world surroundings and environments.

According to UK Transport Secretary Mark Harper, autonomous cars might be seen on some UK roads by 2026. Parliament is set to approve the government’s autonomous vehicle traffic regulations soon, which it claims will “unlock a transport revolution.” A legal foundation for the safe use of automobiles equipped with assistive or autonomous driving technologies on UK roads is established by the Automated Vehicles Bill. Drivers and businesses won’t face legal consequences.

However, barriers have prevented the widespread application of autonomous driving technologies. US regulators are still looking into the safety of some manufacturers’ AI-powered assistance driving technologies following fatal collisions.