Through the investment, Volvo Venture Capital expects to expedite the deployment of future transport solutions
Volvo Group Venture Capital announced an investment in autonomous trucking technology firm Waabi. (Credit: AB Volvo)
Volvo Group Venture Capital, the corporate investment company of Volvo Group, has announced an investment in autonomous trucking technology firm Waabi.
The Canada-based firm is a developer of next-generation artificial intelligence (AI) technology to solve autonomy at scale.
Waabi Driver, the company’s core autonomous trucking solution, was recently launched for large-scale commercialisation and safe deployment.
The autonomous trucking solution is augmented by a scalable high-quality simulator, Waabi World.
It exposes the Waabi Driver to a broad spectrum of scenarios required to enhance its driving skills and paves the path to the widespread adoption of autonomous trucking.
Waabi founder and CEO Raquel Urtasun said: “Autonomy will one day transform trucking and logistics, but the self-driving industry has not solved this challenge, yet.
“Our AI-first approach is the key to unlocking this reality at scale. Volvo Group’s investment in Waabi marks the next step in our journey, particularly around our shared commitment to safety.”
Through the investment, Volvo Venture Capital expects to expedite the deployment of future transport solutions.
According to Volvo Group, fully autonomous trucking transports are essential to delivering additional capacity, better safety and enhanced efficiency as well as support to drivers on tiresome routes.
Established in 1997, Volvo Venture Capital invests in venture companies worldwide with an aim to power transformation by supporting the development of new services and solutions.
The firm invests in various areas including site solutions, logistics services, electrification, and climate tech.
Volvo Group Venture Capital president Martin Witt said: “The company Waabi is using advanced artificial intelligence technology to test, assess skills, and ultimately teach a virtual driver to manoeuvre 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 cooperate.”
In November last year, Volvo Group entered into a partnership with Pilot Company to develop public, high-performing charging infrastructure for medium- and heavy-duty electric vehicles in North America.