Waabi, Canadian Startup, Lands $750M Funding and Forges Uber Partnership for Robotaxis
Toronto-based autonomous vehicle startup, Waabi, has secured a staggering $750 million, marking the largest fundraise in Canadian tech history. Alongside this, the company announced an exclusive partnership with Uber to roll out robotaxis powered by its innovative AI technology.
The Series C funding round was spearheaded by Khosla Ventures and G2 Venture Partners. Strategic investors included Uber, Nvidia’s venture capital arm NVentures, Volvo Group Venture Capital, and Porsche Automobil Holding SE. Other investors comprised BlackRock, Radical Ventures, HarbourVest Partners, and a subsidiary of the Abu Dhabi Investment Authority. Uber has pledged an additional $250 million in milestone-based funding, bringing the total available capital to a whopping $1 billion.
As a significant part of this strategic alliance, Waabi will exclusively deploy a minimum of 25,000 autonomous vehicles powered by the Waabi Driver on Uber’s ride-hailing platform. This move signifies Waabi’s growth beyond autonomous trucking into the robotaxi market, leveraging its unique “Physical AI Platform” – a comprehensive AI system capable of powering both autonomous trucks and passenger vehicles.
Established in 2021 by Raquel Urtasun, the former chief scientist at Uber’s autonomous vehicle division, Waabi has adopted a simulation-first approach to autonomous driving. This involves training AI models in virtual environments before conducting real-world testing. “Our Physical AI Platform has enabled us to hit an industry-leading pace in the development and commercialization of autonomous trucks,” Urtasun stated, adding that the company’s technology is now primed for rapid deployment in the robotaxi market.
Source: TechCrunch