Toronto-based autonomous trucking startup Waabi is revolutionizing the transportation industry and lately has secured $200 million in Series B funding round. The investors included Uber, Khosla Ventures, Nvidia, Porsche and Volvo’s venture capital arm. The new capital highlights confidence of investors in the company.
Waabi has distinguished itself in the autonomous vehicle development segment. It has come up with an unique application of generative AI. It has developed an AI system that is capable of human-like reasoning. The system can anticipate problems beyond human conceptualization. At the core is closed-loop simulator Waabi World that automatically generates myriad real-world driving scenarios.
The approach of Waabi eliminates need for costly and time-consuming road tests. Founder and CEO Raquel Urtasun said the system is capable in generalizing and handling the unknown efficiently. The safety measures are mathematically validated.
Waabi has partnered with Uber Freight to integrate its AI-powered software and sensors called Waabi Driver into Uber’s logistics system. The collaboration validates Waabi’s technology and also enhances Uber Freight’s operational efficiency.
Trucking is a vital component of the U.S. economy and it accounts for more than 70% of freight movement. However, the industry is facing significant challenges like driver shortages, safety concerns and supply chain inefficiencies. Waabi’s innovative solutions promise to address these challenges effectively.
The involvement of Nvidia in its latest funding round is noteworthy as it is a leader in AI and computing technologies. It has been expanding its role as a venture investor in recent years. Both the companies announced partnership earlier this year with a view to leverage Nvidia’s DRIVE Thor platform for generative AI-powered self-driving applications.
Nvidia CEO Jensen Huang expressed enthusiasm for supporting Waabi’s vision. He emphasized the tuning between its cutting-edge technology with Waabi’s initiative.
