Volvo Group Venture Capital announced an investment in Waabi Innovation Inc. (developing the next generation of autonomous trucking technology with its AI approach) and its product Waabi Driver (an “AI-first autonomy stack” allowing it to learn from an advanced driving simulator). The two companies are exploring ways to cooperate, but it’s not an exclusive deal. Waabi intends to be OEM-agnostic. Volvo also has invested in Aurora, as has Paccar, and Daimler Truck bought a majority stake in Torc Robotics in 2019. The amount of the investment was not disclosed.
Why Invest in an Autonomous-Truck Startup?
Volvo Group Venture Capital (VGVC) was founded in 1997 and invests globally in venture companies with the aim of “driving transformation” by facilitating the creation of new services and solutions. Seeing freight movement rapidly increasing and putting pressure on the supply chain, Volvo believes autonomous trucking transports are key to improved safety and efficiency. VGVC’s investment in Waabi, an AI-first approach, marks the next step in this journey, joined by other investors such as Khosla Ventures, Uber, Radical Ventures, 8VC, OMERS Ventures, and BDC.
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