Total amount raised
CA$375 Millions
Latest funding date
6/1/2024
Location
Waabi has successfully raised $83.5 million in June 2021 and an additional $200 million in June 2024 through multiple funding rounds. The company is focused on developing next-generation autonomous trucking technology powered by Generative AI.
Keep reading to explore the intricacies of Waabi's fundraising journey and the investors backing this innovative platform.
What Is Waabi?
Waabi, founded in 2021 by Raquel Urtasun, is an artificial intelligence company based in Toronto, Ontario, Canada. The company specializes in developing autonomous driving technology for the transportation sector.
Waabi's flagship products include the Waabi Driver, an advanced autonomous trucking technology, and Waabi World, a high-fidelity simulation platform for testing and training autonomous systems. These innovations aim to revolutionize logistics with safe, scalable solutions.
With a team of 51-100 employees, Waabi is focused on large-scale commercialization and safe deployment of its autonomous trucking solutions, leveraging Generative AI to push the boundaries of self-driving technology.
How Much Funding Has Waabi Raised?
- Series A
- Amount Raised: $83.5 million USD
- Date: June 2021
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and commercialize autonomous trucking technology.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2023
- Lead Investors: Volvo Group Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance strategic partnerships and technological advancements.
- Series B
- Amount Raised: $200 million USD
- Date: June 2024
- Lead Investors: Uber, Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the deployment of fully driverless, generative AI-powered autonomous trucks by 2025.
Total Amount Raised: $283.5 million USD. Current Valuation: Not publicly disclosed.
Key Investors
- Uber
- Details: Uber is a global ride-hailing and transportation company known for revolutionizing urban mobility.
- Investment Focus Areas: Transportation, ride-hailing, autonomous vehicles.
- Notable Investments: Aurora, Lime, Didi Chuxing.
- Khosla Ventures
- Details: Khosla Ventures is a venture capital firm focused on early-stage investments, founded by Vinod Khosla.
- Investment Focus Areas: Technology, AI, healthcare, sustainability.
- Notable Investments: Square, DoorDash, Impossible Foods.
- NVIDIA
- Details: NVIDIA is a technology company known for its graphics processing units (GPUs) and AI computing.
- Investment Focus Areas: AI, autonomous vehicles, gaming, data centers.
- Notable Investments: DeepMap, TuSimple, Graphcore.
- Volvo Group Venture Capital
- Details: The investment arm of Volvo Group, focusing on strategic investments in the transportation sector.
- Investment Focus Areas: Transportation, logistics, autonomous vehicles.
- Notable Investments: Peloton Technology, Autoliv, Apex.AI.
- Porsche Automobil Holding SE
- Details: The holding company with investments in the automotive industry, including a significant stake in Volkswagen Group.
- Investment Focus Areas: Automotive technology, mobility solutions.
- Notable Investments: Rimac Automobili, Markforged, WayRay.
What's Next for Waabi?
Waabi's future is brimming with opportunities, particularly in deploying fully driverless, generative AI-powered autonomous trucks by 2025. This ambitious goal is supported by a substantial $200 million Series B funding round, bringing their total investment to over $280 million. The autonomous trucking industry, poised for significant growth, offers Waabi a vast market to revolutionize logistics and supply chains with safer, more efficient transportation solutions.
As Waabi progresses towards commercialization, future fundraising opportunities seem promising. Strategic partnerships with industry giants like Uber, NVIDIA, and Volvo Group Venture Capital indicate potential for additional investment rounds. However, the path ahead is not without challenges. Ensuring the safety and reliability of their AI system, navigating regulatory hurdles, and facing competition from other autonomous vehicle companies will be critical tests for Waabi. Nonetheless, their innovative approach and strong backing position them well for future success.
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