Cambridge start-up Wayve Technologies is expected to raise around $20m (£15m), which would be one of the largest early stage deals for a UK driverless car start-up.
Launched by Cambridge PhDs Amar Shah and Alex Kendall, Wayve is developing driverless car technology that it said allows autonomous vehicles to learn to navigate unknown roads with minimal training.
The Telegraph reports the start-up is close to securing tens of millions in funding from investors including Lastminute.com founder Brent Hoberman and Silicon Valley fund Eclipse.
Wayve said that expensive laser systems used by US rivals such as Google’s Waymo are unnecessary. Instead, the start-up uses powerful machine learning algorithms paired with ordinary cameras and a simple GPS to provide reliable data to navigate roads, according to The Telegraph.
Wayve has reportedly been testing its technology on public roads in Cambridge since last year. The company’s main driverless test vehicles have been Renault’s two-seater Twizy, but it has also testing its technology on Jaguar’s I-PACE SUV.
According to The Telegraph Wayve chief executive Amar Shah has previously said he wants to build self-driving cars with ‘better brains’ than those being designed by Google or Uber using artificial intelligence.