Nvidia Corp (NASDAQ:NVDA, ETR:NVD) is in advanced talks to invest $500 million into Wayve, a UK-based self-driving car start-up, The Wall Street Journal reported on Friday.
The two companies have signed a letter of intent ahead of Wayve’s upcoming funding round, according to a statement from Wayve.
Both Nvidia and Microsoft participated in Wayve’s record $1.1 billion funding round last year.
Wayve, which is also backed by SoftBank, Uber and Eclipse Ventures, is developing AI-powered systems to help vehicles interpret surroundings and navigate without human input.
Wayve has been using Nvidia’s computing platforms to power its autonomous vehicle prototypes since 2018.
Wayve’s next-generation Gen 3 platform will integrate Nvidia’s latest DRIVE AGX Thor system.
On Thursday, Nvidia CEO Jensen Huang announced a $2.35 billion investment in the UK to support the country’s artificial intelligence (AI) startup ecosystem.