Waabi Secures $1 Billion to Advance Self-Driving Trucks and Robotaxis
Waabi Innovation Inc., a Toronto-based autonomous driving company, has secured significant funding to enhance its self-driving trucking technology and robotaxi initiatives. The company has raised US$1 billion, approximately CAD $1.37 billion, through a recent capital raise.
Funding Breakdown
This funding includes a US$750 million Series C round, co-led by Khosla Ventures and G2 Venture Partners. Additionally, Waabi has established a milestone-based investment agreement with Uber. This collaboration will involve deploying over 25,000 Waabi Driver-powered robotaxis exclusively on the Uber platform.
Strategic Partnerships
Raquel Urtasun, who founded Waabi in 2021, previously held a position at Uber. Although Uber sold its self-driving unit in 2020, it has partnered with other firms, including Waymo, to advance autonomous ride-hailing services in U.S. cities. This strategic approach aims to enhance ride-hailing technology using cutting-edge self-driving systems.
Investor Contributions
- NVentures (Nvidia’s venture capital arm)
- Volvo Group Venture Capital
- Porsche Automobil Holding SE
- BlackRock
- Radical Ventures
- BDC Capital’s Thrive Venture Fund
- Export Development Canada
- Telus Global Ventures
Innovative Development Approach
Waabi focuses on utilizing digital simulations to train its AI-driven systems, allowing for rapid advancements in the field. Since 2022, the company has been testing its vehicles in real-world environments with safety drivers, and it recently completed its first fully autonomous test drive without a human operator.
Industry Context
Waabi is not alone in its venture. Other companies, such as Loblaw Cos. Ltd., are also pushing the boundaries of autonomous trucking. Loblaw partnered with Gatik Inc. for fully driverless shipments in the Greater Toronto Area starting in 2022. By September 2025, the partnership is expected to expand with 20 autonomous Gatik trucks, followed by an additional 30 by the end of 2026.
Waabi is poised to make significant strides in the self-driving vehicle market with this investment and partnerships, demonstrating its commitment to leading the future of transportation.
