The UK government has secured what it describes as a “seat at the table” in the fast-moving global race to commercialise driverless cars, after the British Business Bank backed a landmark $1.5 billion fundraising round for British autonomous driving firm Wayve.
The investment round, completed last week, valued the Cambridge-founded artificial intelligence company at $8.6 billion, the highest valuation yet achieved by a UK AI start-up. The round was led by SoftBank and supported by global heavyweights including Microsoft, NVIDIA, Uber, as well as major automotive groups Nissan, Stellantis and Mercedes-Benz.
The British Business Bank invested £25 million in the round, one of its largest direct equity commitments to date, signalling growing government ambition to anchor high-growth technology firms in the UK rather than see them migrate or list abroad.
Leandros Kalisperas, chief investment officer at the state-backed lender, said the participation was about more than financial return.
“It will ultimately be for the company itself to determine its exit strategy,” he said. “But being invested gives us a seat at the table.”
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