According to latest news reports, UK-based self-driving car technology startup Wavye has secured more than $1bn worth of funding from Japan’s SoftBank. The investment will fuel the development of next-generation AI-powered vehicles.

Along with SoftBank, Nvidia, and Microsoft have backed the investment in the Series C funding round, and it is said to be the biggest investment to date in a European AI startup. The tech startup will reportedly use the fund to develop and launch the first “embodied AI” technology for self-driving vehicles in the UK.

The embodied AI technology will enable automated vehicles to learn from and interact with a real-world environment, including the ability to learn from situations that do not follow strict patterns or rules, such as unexpected actions by drivers or pedestrians.

Alex Kendall, a co-founder and chief executive of Wayve, said: “This investment will help us launch our embodied AI products and expand our operations globally. It 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.”

Kentaro Matsui, Managing Partner at SoftBank Investment Advisers, and a Wayve board member said: “We have a vision of a peaceful world, free from traffic accidents. Once we learned that we shared a common vision, our team members and Masa were excited and felt we needed to help. We are very proud that we are taking part in this effort.”

Wayve’s current technology is integrated into six vehicle platforms, including electric cars such as the Jaguar I-Pace and the Ford Mustang MachE, as part of advanced driver assistance systems.