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Waabi, a pioneering autonomous trucking startup, has secured an investment from Volvo Group Venture Capital AB, the venture capital arm of the Swedish automaker. The strategic partnership marks a significant milestone for Waabi, providing access to Volvo’s extensive industry network and paving the way for large-scale commercialization.
A Strategic Partnership
Waabi’s CEO and founder, Raquel Urtasun, expressed her enthusiasm about the partnership, stating that "We’ve been extremely selective in terms of who we bring on board as an investor, and this is the right time for Waabi to bring on a strategic OEM." The investment is an extension of Waabi’s $83.5 million Series A funding round led by Khosla Ventures.
Volvo’s Commitment to Autonomous Trucking
Volvo Group has been actively exploring autonomous mobility solutions for years. As early as 2017, the company developed an autonomous concept truck designed for hub-to-hub transportation of goods. In 2019, Volvo unveiled Vera, its autonomous, electric ‘truck’ that resembles a sports car with a trailer on top. Although the Vera is currently being used in a pilot project in Sweden, Volvo has confirmed that it is now a concept vehicle and potential future solution.
A Joint Effort towards Autonomous Trucking
Volvo has also partnered with autonomous vehicle technology startup Aurora Innovation to jointly develop autonomous semi-trucks for the North American market. The partnership highlights Volvo’s commitment to self-driving trucking and its recognition of Waabi’s innovative approach to autonomy.
Waabi’s Unique Selling Point
Waabi’s new simulator is designed to scale autonomous vehicle technology faster, offering a more cost-effective and efficient solution compared to traditional approaches. According to Urtasun, "What really defines Waabi is that we saw the super capital-intensive approach that is very slow, and instead we said we need to build different technology so we can get there faster and in a much more scalable fashion."
A Promising Future for Autonomous Trucking
Waabi’s test vehicles are currently on the ground, but the company has yet to announce any commercial pilots with OEM or shipping partners. The success of Waabi’s promises of fast, cheap scaling will be crucial in shaping the future of autonomous trucking.