1 00:00:02,440 --> 00:00:06,760 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:06,960 --> 00:00:10,280 Speaker 2: The UK self driving startup Wave has raised over a 3 00:00:10,320 --> 00:00:13,280 Speaker 2: billion dollars in its latest funding round, attracting interest from 4 00:00:13,320 --> 00:00:15,680 Speaker 2: the US chip maker in video, joining US Now to 5 00:00:15,720 --> 00:00:19,280 Speaker 2: discuss is the Wave CEO Alex Kendall, This is really 6 00:00:19,600 --> 00:00:22,080 Speaker 2: an impressive funding round. I wonder where it leaves your 7 00:00:22,079 --> 00:00:23,040 Speaker 2: company's valuation. 8 00:00:24,160 --> 00:00:27,720 Speaker 3: Starting with the question, the one question we can answer today, Sorry, 9 00:00:27,760 --> 00:00:28,280 Speaker 3: but thank you. 10 00:00:28,360 --> 00:00:30,040 Speaker 4: It's a huge honor. 11 00:00:30,320 --> 00:00:32,400 Speaker 2: We'll put it this way. Are you a unicorn or 12 00:00:32,400 --> 00:00:35,880 Speaker 2: are you so far past being a unicorn that milestts 13 00:00:35,920 --> 00:00:37,800 Speaker 2: milestones a dot in the rear view mirror. 14 00:00:38,479 --> 00:00:41,520 Speaker 3: Yeah, well, if you raise a billion dollars, I don't 15 00:00:41,520 --> 00:00:44,440 Speaker 3: think you need an artificial intelligence to tell you that 16 00:00:44,440 --> 00:00:47,000 Speaker 3: that makes you a unicorn. But look, the funding is 17 00:00:47,040 --> 00:00:50,960 Speaker 3: a it's a lagging signal for us. I think it's 18 00:00:51,200 --> 00:00:54,320 Speaker 3: a hugely exciting validation of the vision that we've been 19 00:00:54,320 --> 00:00:56,040 Speaker 3: working on for so many years on it's been quite 20 00:00:56,040 --> 00:01:00,319 Speaker 3: a contrariant approach to autonomous driving, but today we are 21 00:01:00,320 --> 00:01:03,040 Speaker 3: just so excited about the potential of AI to disrupt 22 00:01:03,080 --> 00:01:04,080 Speaker 3: the automotive sector. 23 00:01:04,440 --> 00:01:05,759 Speaker 1: So how are you planning to spend the money? 24 00:01:05,760 --> 00:01:07,800 Speaker 4: Then, Big question. 25 00:01:08,080 --> 00:01:11,679 Speaker 3: So we've been developing embodied AI. I mean, if you 26 00:01:11,720 --> 00:01:15,280 Speaker 3: think about AI that we've seen today with search engines 27 00:01:15,280 --> 00:01:17,679 Speaker 3: and chatbots, that's just the tip of the iceberg. The 28 00:01:18,080 --> 00:01:21,000 Speaker 3: really big opportunity here is bringing it into the physical world, 29 00:01:21,080 --> 00:01:24,319 Speaker 3: and autonomous driving is just the best example of this. 30 00:01:24,480 --> 00:01:26,759 Speaker 3: So we're going to be using the funds to grow 31 00:01:26,800 --> 00:01:28,960 Speaker 3: our team and turn this technology into a product and 32 00:01:29,360 --> 00:01:32,399 Speaker 3: hopefully bring it to cars around the world very soon, 33 00:01:32,840 --> 00:01:36,000 Speaker 3: starting as a driver assistance system to improve the safety 34 00:01:36,640 --> 00:01:39,320 Speaker 3: and enjoyment of the drives you can have around the world, 35 00:01:39,360 --> 00:01:42,320 Speaker 3: and very quickly train it and grow it up into 36 00:01:42,400 --> 00:01:43,800 Speaker 3: a full autonomy stack. 37 00:01:44,360 --> 00:01:46,959 Speaker 2: It's interesting how you've chosen not to partner with a 38 00:01:47,000 --> 00:01:51,320 Speaker 2: single car manufacturer to install this tack into vehicles. You're 39 00:01:51,400 --> 00:01:54,320 Speaker 2: keeping your options open. Which car bakers are you talking to? 40 00:01:54,400 --> 00:01:55,880 Speaker 2: Which ones do you think about working with? 41 00:01:56,400 --> 00:01:57,600 Speaker 4: Yeah, I think so. 42 00:01:57,920 --> 00:02:00,280 Speaker 3: We're talking with all of the leading brands and we're 43 00:02:00,280 --> 00:02:02,680 Speaker 3: excited to be working with it with some of them. 44 00:02:02,760 --> 00:02:06,520 Speaker 3: But the key thing is that I don't think one 45 00:02:06,800 --> 00:02:09,959 Speaker 3: car manufacturer can build the safest, the most performance system 46 00:02:10,000 --> 00:02:11,840 Speaker 3: on their own. We want to ensure that we can 47 00:02:11,880 --> 00:02:14,280 Speaker 3: build an embodied AI platform that can learn from the 48 00:02:14,280 --> 00:02:18,040 Speaker 3: experience of a number of different manufacturers across the world, 49 00:02:18,360 --> 00:02:20,200 Speaker 3: and the real key for that is you get the 50 00:02:20,200 --> 00:02:22,880 Speaker 3: diverse experience you need to solve the long tail of 51 00:02:23,000 --> 00:02:26,600 Speaker 3: edge cases. It's really a partnership approach and we want 52 00:02:26,639 --> 00:02:30,600 Speaker 3: to ensure that the entire automotive ecosystem can access the 53 00:02:30,639 --> 00:02:31,799 Speaker 3: benefits of autonomy. 54 00:02:32,040 --> 00:02:34,560 Speaker 1: When should we expect to see driverless cars in the 55 00:02:34,680 --> 00:02:36,600 Speaker 1: UK now? This is a subject that we've discussed with 56 00:02:36,639 --> 00:02:37,280 Speaker 1: you before. 57 00:02:37,880 --> 00:02:41,280 Speaker 3: We've been testing on UK roads with safety operators behind 58 00:02:41,320 --> 00:02:45,120 Speaker 3: the wheel since twenty eighteen. One of the other exciting 59 00:02:45,160 --> 00:02:47,800 Speaker 3: things happening right now is we're seeing law about to 60 00:02:47,840 --> 00:02:50,800 Speaker 3: go through Parliament to legalize the operation of these vehicles 61 00:02:50,800 --> 00:02:53,720 Speaker 3: here in the UK. To legalize it provide a comprehensive 62 00:02:53,720 --> 00:02:57,040 Speaker 3: framework that allows them to be operated without a safety driver. 63 00:02:57,639 --> 00:03:00,679 Speaker 3: So all the pieces are coming together and to we've 64 00:03:00,680 --> 00:03:02,680 Speaker 3: got the capital to go build this into a product. 65 00:03:02,800 --> 00:03:07,000 Speaker 3: The regulation and in the automotive industry, we've seen so 66 00:03:07,080 --> 00:03:09,440 Speaker 3: many big inflection points in the last year with software 67 00:03:09,480 --> 00:03:12,040 Speaker 3: defined vehicles making it possible to deploy this kind of 68 00:03:12,080 --> 00:03:17,200 Speaker 3: technology on cars, and of course the explosive breakthroughs we've 69 00:03:17,200 --> 00:03:19,440 Speaker 3: seen in AI in the last couple of years. 70 00:03:19,600 --> 00:03:20,680 Speaker 4: It's coming really soon. 71 00:03:21,200 --> 00:03:24,400 Speaker 2: Well we are speaking of which with Invidia being an investor, 72 00:03:24,440 --> 00:03:26,520 Speaker 2: does it mean that you're going to get preferential access 73 00:03:26,560 --> 00:03:29,440 Speaker 2: to those extremely in demand AI chips. 74 00:03:29,840 --> 00:03:33,040 Speaker 3: Well, the scale of ambition we have to train in 75 00:03:33,160 --> 00:03:37,760 Speaker 3: AI is just enormous, and I think the training on 76 00:03:37,880 --> 00:03:42,440 Speaker 3: video data requires pretty significant infrastructure that we're thrilled to 77 00:03:42,440 --> 00:03:45,760 Speaker 3: be working with Microsoft Azure and an Nvidia on. But 78 00:03:45,800 --> 00:03:48,360 Speaker 3: of course, ultimately we want to ensure this technology can 79 00:03:48,760 --> 00:03:53,000 Speaker 3: benefit automotive manufacturers no matter where their data is or 80 00:03:53,040 --> 00:03:55,240 Speaker 3: what will provide them the flexibility to work with the 81 00:03:55,320 --> 00:03:58,760 Speaker 3: chips that they want to. But from our perspective, Nvidia 82 00:03:58,920 --> 00:04:02,480 Speaker 3: has the best embedded environment in the market today and 83 00:04:02,520 --> 00:04:04,960 Speaker 3: so we're excited to be developing on that platform. 84 00:04:05,480 --> 00:04:09,120 Speaker 1: Tassa's making some big promises in terms of getting self 85 00:04:09,200 --> 00:04:12,680 Speaker 1: driving robotaxis up and running very quickly as well pushing 86 00:04:12,720 --> 00:04:17,040 Speaker 1: towards self full self driving. How do you view them 87 00:04:17,120 --> 00:04:18,760 Speaker 1: as a competitor in this space? 88 00:04:19,040 --> 00:04:19,560 Speaker 4: Yeah, it was. 89 00:04:20,400 --> 00:04:22,520 Speaker 3: I mean it was exciting to us to see Tiesler 90 00:04:22,880 --> 00:04:25,920 Speaker 3: pivot last year into an end to end AI approach 91 00:04:26,040 --> 00:04:28,919 Speaker 3: like what we've been pursuing for the last seven years. 92 00:04:29,760 --> 00:04:32,280 Speaker 3: I think that this is an enormous market though, and 93 00:04:32,839 --> 00:04:35,200 Speaker 3: for the other ninety nine percent of cars and are 94 00:04:35,200 --> 00:04:37,880 Speaker 3: manufacturer around the real world, we really want to become 95 00:04:38,560 --> 00:04:41,279 Speaker 3: the embodied aiye platform for them and bring the benefits 96 00:04:41,279 --> 00:04:43,880 Speaker 3: to autonomy to all kinds of vehicles around the world. 97 00:04:44,320 --> 00:04:48,359 Speaker 2: Do you think it's realistic that the autonomous robotaxi plan 98 00:04:48,520 --> 00:04:52,679 Speaker 2: will be in place by August the eighth, as elon 99 00:04:52,760 --> 00:04:54,120 Speaker 2: mos most promises. 100 00:04:54,880 --> 00:04:56,840 Speaker 3: Oh, look, I can't comment on what Tisa's building, but 101 00:04:56,880 --> 00:05:00,920 Speaker 3: I wish them all the best. I' we're heads down 102 00:05:00,960 --> 00:05:03,000 Speaker 3: at the moment making sure that we can execute on 103 00:05:03,040 --> 00:05:03,599 Speaker 3: our roadmap. 104 00:05:03,839 --> 00:05:06,440 Speaker 1: You've said that this is the final major fundraise for 105 00:05:06,600 --> 00:05:08,839 Speaker 1: your company. Do you have an IPO in sights any 106 00:05:08,839 --> 00:05:09,920 Speaker 1: thought of one that might happen? 107 00:05:10,360 --> 00:05:10,520 Speaker 2: Oh? 108 00:05:10,600 --> 00:05:12,680 Speaker 3: Equally, I mean, we've got all the capital we need 109 00:05:12,720 --> 00:05:15,680 Speaker 3: to go and build this out to product. So our 110 00:05:15,720 --> 00:05:18,160 Speaker 3: team is just thrilled at the opportunity and is going 111 00:05:18,200 --> 00:05:21,520 Speaker 3: to remain focused on getting this built out. When we 112 00:05:21,560 --> 00:05:24,440 Speaker 3: earn the right to talk about an IPO, I'd love 113 00:05:24,440 --> 00:05:27,000 Speaker 3: to talk about it right now. It's all about how 114 00:05:27,000 --> 00:05:30,320 Speaker 3: can we bring the benefits of autonomy and improve road 115 00:05:30,360 --> 00:05:31,400 Speaker 3: safety around the world. 116 00:05:31,480 --> 00:05:32,960 Speaker 4: That's what we're focused on today. 117 00:05:33,279 --> 00:05:36,440 Speaker 1: Okay, well with this major fund raising around and wonder 118 00:05:36,520 --> 00:05:39,240 Speaker 1: how long you see that funding in your current investment 119 00:05:39,360 --> 00:05:40,120 Speaker 1: plan covering. 120 00:05:40,760 --> 00:05:42,080 Speaker 4: Yeah, so that's a good question. 121 00:05:42,279 --> 00:05:45,200 Speaker 3: We certainly need to grow and are looking to bring 122 00:05:45,200 --> 00:05:50,520 Speaker 3: on board more talented AI expertise and product expertise to 123 00:05:50,560 --> 00:05:52,840 Speaker 3: go go and to develop our roadmap and get this 124 00:05:53,120 --> 00:05:55,960 Speaker 3: get the system shipped. But we want to be disciplined 125 00:05:56,000 --> 00:05:58,159 Speaker 3: around this, and we're not going to take a blitz 126 00:05:58,200 --> 00:06:00,880 Speaker 3: scaling approach or anything like that, but make sure that 127 00:06:00,960 --> 00:06:05,719 Speaker 3: the lean, innovative I guess somewhat scrappy culture that we've 128 00:06:05,720 --> 00:06:09,640 Speaker 3: started with continues strongly and ensures that we don't route 129 00:06:09,640 --> 00:06:12,920 Speaker 3: force the problem with capital and put infrastructure like high 130 00:06:12,920 --> 00:06:17,120 Speaker 3: definition maps or other things in place that the industry's 131 00:06:17,120 --> 00:06:19,440 Speaker 3: seen so far. But we want to make sure that 132 00:06:19,480 --> 00:06:22,280 Speaker 3: we can build a more intelligent system that solves the 133 00:06:22,320 --> 00:06:24,720 Speaker 3: problem efficiently. And some of the things that have been 134 00:06:24,720 --> 00:06:28,200 Speaker 3: caught to us, like camera first approaches rather than lighter 135 00:06:28,720 --> 00:06:31,280 Speaker 3: or unsupervised machine learning to be able to more efficiently 136 00:06:31,360 --> 00:06:34,560 Speaker 3: learn without labeled data. These kind of principles are going 137 00:06:34,600 --> 00:06:37,359 Speaker 3: to continue to be really important for our growth and 138 00:06:37,400 --> 00:06:39,800 Speaker 3: making sure we execute efficiently. 139 00:06:39,640 --> 00:06:42,400 Speaker 2: And can you get enough of that expertise right here 140 00:06:42,440 --> 00:06:44,640 Speaker 2: in the UK? Richie Snax as he wants the UK 141 00:06:44,720 --> 00:06:47,320 Speaker 2: to be an AI superpower. Is this a good place 142 00:06:47,360 --> 00:06:48,400 Speaker 2: to grow your business? 143 00:06:49,480 --> 00:06:50,520 Speaker 4: It has been so far. 144 00:06:51,279 --> 00:06:55,760 Speaker 3: I mean the academic ecosystem like Cambridge University where I 145 00:06:55,800 --> 00:06:59,600 Speaker 3: started working on these ideas, has been a great ecosystem. 146 00:07:00,080 --> 00:07:02,480 Speaker 4: In the early venture capital we've seen. 147 00:07:02,839 --> 00:07:04,400 Speaker 3: I think there's work to be done in the UK 148 00:07:04,600 --> 00:07:07,520 Speaker 3: for more of the growth stage capital. And you know, look, 149 00:07:07,520 --> 00:07:11,560 Speaker 3: we've looked to the US in Japan for this round here, 150 00:07:12,760 --> 00:07:16,320 Speaker 3: but by and large the government has been supportive and 151 00:07:16,640 --> 00:07:20,480 Speaker 3: we're excited to see regulation come through to enable self 152 00:07:20,520 --> 00:07:22,760 Speaker 3: driving here in the UK shortly. So all in all, 153 00:07:22,840 --> 00:07:26,880 Speaker 3: it's a world leading ecosystem for AI, and hopefully we 154 00:07:26,440 --> 00:07:29,679 Speaker 3: can help do our part to help build it even stronger. 155 00:07:30,600 --> 00:07:33,360 Speaker 1: I note this so far in that answer, and I 156 00:07:33,400 --> 00:07:36,240 Speaker 1: wonder if you looking to the US in Japan for 157 00:07:36,280 --> 00:07:39,280 Speaker 1: this funding round should be your warning to those who 158 00:07:39,480 --> 00:07:41,640 Speaker 1: are in charge in the UK that they need to 159 00:07:41,640 --> 00:07:44,119 Speaker 1: do more to keep a company like yours here. 160 00:07:44,800 --> 00:07:46,880 Speaker 3: Of course, everyone needs to stay on their toes, but no, 161 00:07:46,920 --> 00:07:48,960 Speaker 3: we have no intentions to move our headquarters. 162 00:07:48,960 --> 00:07:50,640 Speaker 4: I live and we're based here in London. 163 00:07:51,080 --> 00:07:53,560 Speaker 3: We have offices in Silicon Valley and just recently open 164 00:07:53,600 --> 00:07:56,480 Speaker 3: one in Vancouver, and of course are working with partners 165 00:07:57,000 --> 00:08:02,400 Speaker 3: and all the automotive hotspots Tokyo, Germany, Detroit. So we 166 00:08:02,440 --> 00:08:05,120 Speaker 3: are a global company and we intend to ship our 167 00:08:05,160 --> 00:08:08,520 Speaker 3: product worldwide. You know, my family's screaming out for it 168 00:08:08,560 --> 00:08:10,680 Speaker 3: to come back home to New Zealand one day soon 169 00:08:10,720 --> 00:08:11,119 Speaker 3: as well. 170 00:08:11,680 --> 00:08:13,760 Speaker 4: But the core of our expertise have. 171 00:08:13,720 --> 00:08:15,720 Speaker 1: They been in touch? Have you had contact from the 172 00:08:15,720 --> 00:08:17,440 Speaker 1: government in New Zealand looking for you to move? 173 00:08:19,920 --> 00:08:21,600 Speaker 3: Well, you know in New Zealand's a small place that 174 00:08:21,760 --> 00:08:23,960 Speaker 3: you might run into the Prime Minister at a local cafe. 175 00:08:24,120 --> 00:08:28,160 Speaker 4: But no, not, we haven't had conversations recently. 176 00:08:28,960 --> 00:08:32,080 Speaker 2: And have you also been talking to the Labor Party 177 00:08:32,360 --> 00:08:34,679 Speaker 2: potentially the next government about your plans? 178 00:08:35,280 --> 00:08:35,520 Speaker 4: We have. 179 00:08:36,040 --> 00:08:39,400 Speaker 3: We've made sure that we've engaged both both sides of 180 00:08:39,480 --> 00:08:43,120 Speaker 3: the benches. We've had many ministers and shadow ministers for 181 00:08:43,440 --> 00:08:46,440 Speaker 3: demo rights to experience our technology and make sure they 182 00:08:46,520 --> 00:08:52,160 Speaker 3: understand the potential of it. So, you know, I'm really 183 00:08:52,200 --> 00:08:54,640 Speaker 3: excited to work with government and whatever shape it it 184 00:08:54,679 --> 00:08:57,600 Speaker 3: may be going forward. To ensure that this regulation can 185 00:08:57,600 --> 00:08:59,439 Speaker 3: be implemented effectively for the country. 186 00:08:59,760 --> 00:09:02,280 Speaker 1: Do you find that they did understand the messages that 187 00:09:02,320 --> 00:09:03,320 Speaker 1: you were putting across. 188 00:09:03,640 --> 00:09:05,760 Speaker 3: Yeah, it's a it's a complex set of technology that 189 00:09:06,400 --> 00:09:10,079 Speaker 3: that needs time to understand, and this is an ongoing conversation, 190 00:09:10,920 --> 00:09:12,920 Speaker 3: but certainly it's been great to get get it started 191 00:09:12,920 --> 00:09:15,640 Speaker 3: over the last couple of years. And the best way 192 00:09:15,679 --> 00:09:17,079 Speaker 3: to see it is to come come right in the 193 00:09:17,120 --> 00:09:18,240 Speaker 3: car and experience. 194 00:09:17,880 --> 00:09:18,480 Speaker 4: It for yourself. 195 00:09:18,559 --> 00:09:21,240 Speaker 1: Alex Candle, there CEO of Wave