Waabi Raises $1B to Launch Self-Driving Trucks and Taxis

The future of transportation just got a major boost, as Toronto-based Waabi closed a massive $1 billion funding round to bring autonomous trucks and robotaxis to our roads.

Founded just four years ago, Waabi has developed what they call a Physical AI Platform that works like a shared brain for self-driving vehicles. The same artificial intelligence that guides a massive truck down the highway can also navigate a taxi through busy city streets.

The company raised $750 million in its Series C round, the largest funding round in Canadian history. Uber Technologies invested additional capital and expanded its partnership with Waabi to bring 25,000 or more autonomous vehicles to its platform.

"Our current self-driving capabilities have unlocked a new direct-to-customer model that solves the pain points of the industry," said Raquel Urtasun, founder and CEO of Waabi. The company's technology combines end-to-end AI reasoning with advanced simulation, allowing vehicles to learn and improve faster than traditional methods.

Major automotive and tech investors joined the round, including Khosla Ventures, NVIDIA, Volvo, and Porsche. Canadian firms like BDC Capital, Export Development Canada, and TELUS Global Ventures also backed the company, keeping this homegrown innovation rooted in Canada.

The Ripple Effect

Waabi's approach could transform how we think about road safety and efficiency. By using simulation-first technology, the company can test millions of driving scenarios virtually before vehicles ever hit real roads.

The partnership with Uber means these autonomous vehicles could soon be moving both goods and people more safely. Waabi previously partnered with Uber Freight in 2023, proving their technology works for commercial trucking.

The investment also represents a win for sustainable transportation. Better vehicle utilization and efficiency through autonomous driving could reduce emissions and traffic congestion in cities.

Canadian innovation is leading the charge in making our roads safer while creating high-tech jobs and keeping cutting-edge AI development close to home.

This technology promises a future where fewer accidents happen, goods move more efficiently, and getting around becomes more accessible for everyone.