Waabi, a Toronto, Canada-based company specializing in generative AI applications for the physical world, raised $200 million (USD) in an oversubscribed Series B funding, bringing its total raised to over $280M (USD).
Investors
The round was led by Uber and Khosla Ventures, with participation from best-in-class strategic investors NVIDIA, Volvo Group Venture Capital, Porsche Automobil Holding SE, Scania Invest, and Ingka Investments. Additional financial investors include HarbourVest Partners, G2 Venture Partners, BDC Capital’s Thrive Venture Fund, Export Development Canada, Radical Ventures, Incharge Capital, and others.
Uber Technologies is a technology provider that matches riders with drivers, hungry people with restaurants and food delivery service providers, and shippers with carriers. Uber Technologies is headquartered in San Francisco and operates in over 63 countries with over 150 million users who order rides or food at least once a month.
Founded in 2004, Khosla Ventures is a venture capital firm based in Menlo Park, California. The firm provides venture assistance to entrepreneurs in AI, sustainability, enterprise, consumer, health, and frontier technologies. Khosla Ventures invests in a range of areas including AI, climate, sustainability, enterprise, consumer, fintech, digital health, medtech and diagnostics, therapeutics, and frontier technology.
Waabi Use of Funds
The company will use the new funding to support its deployment of fully driverless, generative AI-powered autonomous trucks in 2025. The funds will also be used to grow Waabi’s commercial operations and expand the company’s team in both Canada and the United States.
About Waabi
Founded in 2021 by Raquel Urtasun, Waabi is an artificial intelligence company pioneering generative AI for the physical world, first by applying this technology to overhaul the autonomous trucking industry. Waabi has developed an end-to-end AI system capable of human-like reasoning. The AI system can generalize to any road situation, including novel scenarios, with significantly less training data and computing resources. The company is headquartered in Toronto, Canada.
Funding Details
Company: Waabi Innovation Inc.
Raised: $200.0M
Round: Series B
Funding Month: June 2024
Lead Investor: Uber, Khosla Ventures
Additional Investors: NVIDIA, Volvo Group Venture Capital, Porsche Automobil Holding SE, Scania Invest, Ingka Investments, HarbourVest Partners, G2 Venture Partners, BDC Capital’s Thrive Venture Fund, Export Development Canada, Radical Ventures, Incharge Capital
Company Website: https://waabi.ai/
Software Category: Autonomous Driving
Source: https://waabi.ai/waabi-series-b-announcement/