Saturday, July 13, 2024

Waabi Secures $200 Million Funding for Self-Driving Trucks, Plans Texas Launch in 2025

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Self-driving truck developer Waabi has announced securing $200 million in funding from a consortium of investors, including Nvidia, Volvo Group, and Porsche Automobil Holding SE. This latest funding round adds to the $80 million Waabi has previously raised and positions the company for a significant push into the autonomous freight truck market.

Founder and CEO of Waabi, Raquel Urtasun, expressed confidence in the company’s readiness to launch self-driving freight trucks in Texas by 2025, stating, “With this funding, we now have everything we need to make our vision a reality.”

See also: Waabi Unveils Autonomous Trucking Terminal in Texas, Aiming for Driverless Operation

The funding round also saw participation from Canadian investors such as Radical Ventures, Export Development Canada, and BDC Capital’s Thrive Venture Fund, highlighting the global interest in Waabi’s innovative approach to autonomous driving technology.

Several prominent figures in the tech industry, including Nvidia CEO Jensen Huang, AI pioneer Geoffrey Hinton, and Uber CEO Dara Khosrowshahi, praised Waabi’s achievements. Khosrowshahi expressed excitement about Waabi’s scalability and capital efficiency, highlighting the company’s potential for growth and impact in the autonomous vehicle sector.

See also: Autonomous Trucking Startup Waabi Announces Groundbreaking 10-Year Partnership with Uber Freight

Waabi’s partnership with Uber Freight, established last year, has been instrumental in advancing its technology. The collaboration has included test runs with a safety driver, demonstrating the viability of Waabi’s self-driving systems. Additionally, Waabi announced in March its decision to utilize Nvidia’s AI platform in its autonomous driving technology.

The Toronto-based company plans to utilize the funding to expand its commercial operations and grow its team in both Canada and the United States. Waabi’s strategic focus on expanding its presence and advancing its technology underscores its commitment to revolutionizing the future of transportation through autonomous driving innovations.

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