Nvidia Backs UK Self-Driving Startup Wayve in $1 Billion Round

US chipmaker Nvidia Corp. is investing in Wayve Technologies Ltd., joining a $1.05 billion funding round for the UK startup that wants to get its autonomous-driving technology into cars.

The raise — one of the largest ever for a European artificial intelligence company — was led by SoftBank Group Corp., with existing investor Microsoft Corp. putting in further funds. The valuation was not disclosed.

The cash injection underscores the continued investor demand for AI, and is a boost for the self-driving car industry, which has suffered setbacks in recent years in its efforts to convince regulators driverless cars ...