Unlike its competitors, Waabi does not rely on operating a fleet of vehicles driving millions of miles on public roads for training purposes. Instead, it uses a digital simulator to design and test different scenarios to teach its AI system how to handle various real-world challenges. This approach, according to the company, keeps costs down and enables its AI system to generalize to any situation that might happen on the road, including those it has never seen before. The funding round, led by Khosla Ventures, brings Waabi’s total funding to about $280 million.
Key takeaways:
- Autonomous driving startup Waabi Innovation Inc. has raised $200 million from investors including Uber Technologies Inc., Nvidia Corp. and Volvo AB’s venture wing to support its deployment of driverless trucks as soon as 2025.
- Toronto-based Waabi will use the investment to grow its commercial operations and expand its team in Canada and the US, where it recently opened a trucking terminal in Texas.
- Unlike Waymo and other self-driving rivals including Tesla Inc., Waabi’s approach does not rely on the capital- and compute-intensive operation of a fleet of vehicles driving for millions of miles on public roads for training purposes.
- Khosla Ventures led the oversubscribed funding round with Uber, with contributions from Porsche Automobil Holding SE and Ingka Investments among others. The round brings Waabi’s total funding to about $280 million.