UK startup Wayve has raised $1.05 billion (£837m~) in its Series C funding round to accelerate development of the next generation of AI-powered, self-driving vehicles.

The significant funding round was led by Japanese conglomerate SoftBank Group, with contributions from new investor NVIDIA and existing backer Microsoft.

The financing, which marks the largest investment in a British AI firm ever made, will be used to develop and launch the first “Embodied AI” technology for self-driving cars in the UK.

Embodied AI will enable automated vehicles to learn from and interact with a real-world environment, including the ability to navigate and learn from situations that do not follow strict patterns or rules.

This includes unexpected actions taken by both drivers and pedestrians, thereby going beyond the current capabilities of autonomous vehicle technology.

Founded in the UK in 2017, Wayve has been cited as a pioneer in Embodied AI for autonomous driving, being the first company to develop and trial an end-to-end (e2e) deep learning autonomous driving system on public roads.

The investment into Wayve comes as the UK’s Automated Vehicle Bill is set to conclude its passage through Parliament in the coming weeks, enabling the deployment of self-driving vehicles in the UK.

Speaking on the startup’s mission and this latest round of funding, Alex Kendall, co-founder and CEO of Wayve, said: “At Wayve, our vision is to develop autonomous technology that not only becomes a reality in millions of vehicles but also earns people’s trust by seamlessly integrating into their everyday lives to unlock extraordinary value.

“This significant funding milestone highlights our team’s unwavering conviction that Embodied AI will address the long-standing challenges the industry has faced in scaling this technology to everyone, everywhere.

“Our collaboration with SoftBank, NVIDIA, and Microsoft will help advance our mission to redefine driving with AI at the core.

“This investment will enable us to develop and launch our first Embodied AI products for the automotive industry, empowering OEMs to provide consumers with trustworthy and beneficial automated driving experiences.”

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Kentaro Matsui, managing partner at SoftBank Investment Advisers, head of the new business office at SoftBank Group, and board member at Wayve, further commented: “AI is revolutionizing mobility.

“Vehicles can now interpret their surroundings like humans, enabling enhanced decision-making that promises higher safety standards. The potential of this type of technology is transformative; it could eliminate 99% of traffic accidents.

“SoftBank Group is delighted to be at the forefront of this effort with Wayve, as advanced intelligence redefines mobility and connectivity, contributing to a more convenient and safer society.”