Volvo’s venture capital arm invests in Waabi Innovation

Waabi's other investors include Khosla Ventures, Uber, Radical Ventures, 8VC, OMERS Ventures, BDC Capital’s Women in Technology Venture Fund and Aurora Innovation.

  • Waabi recently unveiled the Waabi Driver, its core autonomous trucking solution, designed for large-scale commercialization and safe deployment
  • Volvo Group Venture Capital is the strategic venture capital arm of Sweden’s Volvo Group

Volvo Group Venture Capital has invested in Waabi Innovation, a Toronto-based developer of autonomous trucking technology. No financial terms were disclosed.

“The company Waabi is using advanced artificial intelligence technology to test, assess skills, and ultimately teach a virtual driver to maneuver safely and efficiently in a commercial-ready autonomous trucking solution. We are impressed by what they have accomplished and see that Volvo Group can add considerable strategic value to the development of their business. We are currently exploring ways to co-operate,” said Martin Witt, president of Volvo Group Venture Capital, in a statement.

Waabi recently unveiled the Waabi Driver, its core autonomous trucking solution, designed for large-scale commercialization and safe deployment. This solution is complemented by Waabi World, a scalable high-quality simulator, exposing the Waabi Driver to the diversity of scenarios needed to hone its driving skills and paving the way to widespread adoption of autonomous trucking.

Volvo Group Venture Capital, founded in 1997, is the strategic venture capital arm of Sweden’s Volvo Group. The firm supports collaborations between start-ups and the Volvo Group.

Founded in 1927, Volvo Group is a transport manufacturing business headquartered in Gothenburg, Sweden.

Waabi in 2021 closed an $83.5 million Series A financing. The round was led by Khosla Ventures, with participation from Uber, Radical Ventures, 8VC, OMERS Ventures, BDC Capital’s Women in Technology Venture Fund, Aurora Innovation and other investors.