Self-driving truck startup Waabi brings on Volvo VC as strategic investor • robotechcompany.com
Autonomous trucking startup Waabi has bagged Volvo Group Enterprise Capital AB, the automaker’s VC arm, as a strategic investor. The businesses aren’t disclosing the quantity invested, nor many different particulars concerning the deal, however having Volvo on board will each present Waabi entry to Volvo’s intensive trade community and assist the startup discover alternatives for large-scale commercialization.
“We’ve been extraordinarily selective by way of who we deliver on board as an investor, and that is the fitting time for Waabi to deliver on a strategic OEM,” Waabi’s CEO and founder, Raquel Urtasun, advised robotechcompany.com.
The partnership additionally symbolizes Volvo’s personal dedication to self-driving trucking. Volvo Group has been exploring autonomous mobility options for years. As early as 2017, Volvo had developed an autonomous idea truck that may be used for hub-to-hub transportation of products — a mannequin that Waabi can be pursuing. In 2019, the automaker unveiled Vera, its autonomous, electrical “truck” that appears extra like a sports activities automobile with a trailer positioned on high. Final we heard, the Vera was being utilized in Sweden to maneuver items packed in cargo trailers from a logistics heart to a port terminal, in partnership with logistics firm DFDS. Volvo didn’t reply in time to offer an replace.
Extra not too long ago, Volvo teamed up with autonomous car know-how startup Aurora Innovation to collectively develop autonomous semi-trucks, with the Aurora Driver know-how stack built-in into the vans, for the North American market.
“We signify for Volvo a strengthening dedication to self-driving trucking, in addition to their understanding that there’s next-generation know-how, they usually need to be the chief of subsequent technology know-how,” mentioned Urtasun, nodding to Waabi’s AI-first and simulation-heavy strategy to autonomy. “They need to be a part of that story.”
The funding, which is an extension to Waabi’s $83.5 million Sequence A that was led by Khosla Ventures, comes just a few months after the startup unveiled its first technology of vans which can be purpose-built for OEM integration. That signifies that quite than including on cameras, lidar and different sensors to an already constructed truck, Waabi’s Driver — which incorporates software program, sensors and compute energy — is manufactured instantly into the car from the meeting line. The consequence to an onlooker is a smoother car exterior — no chunky after-market sensor ornamentation — that’s simpler to wash and preserve.
“We construct deep partnerships with OEMs as a result of we don’t consider in after market installations,” mentioned Urtasun. “So for us, OEM partnerships are an important partnerships.”
Urtasun was mum about whether or not Volvo will certainly be a future manufacturing accomplice — though we’d guess that Volvo is — however she did say to remain tuned for information to come back within the subsequent few months on that entrance.
Waabi has advised robotechcompany.com that its simulator, along with testing, coaching and educating Waabi’s self-driving software program, has additionally helped the corporate design its next-gen truck by testing completely different sensor placement on a digital twin of the car. By constructing out and testing the truck in simulation, Waabi averted probably years of constructing and testing actual world autos, mentioned Urtasun.
Apart from the flexibility to hurry up design and manufacturing at a fraction of the price, Waabi’s simulator turned a promoting level for Volvo due to its security functions, mentioned Urtasun.
“While you say Volvo, what involves thoughts for everyone is an emblem of security, and that’s the place we’re tremendous aligned by way of our very differentiated strategy to security that Waabi is offering,” mentioned Urtasun. “Waabi is simulation-centric, as a substitute of deploying giant take a look at fleets, and that’s one of many issues that Volvo actually highlights by way of their funding.”
Urtasun mentioned that OEM companions have additionally been excited by Waabi’s capacity to “scale from day one” resulting from its simulator.
“This is a crucial stepping stone on our path,” mentioned Urtasun. “We’re in a really distinctive place by way of the aggressive panorama as a result of we’ve got a multi-year runway and we’ve got a really lean strategy, which implies we are able to go tremendous quick with a fraction of the price and other people.”
Waabi was based in 2021 and already the corporate claims to have probably the most superior simulator within the trade and a truck that appears like a next-generation truck for many different corporations working as we speak.
“What actually defines Waabi is that we noticed the tremendous capital intensive strategy that may be very gradual, and as a substitute we mentioned we have to construct completely different know-how so we are able to get there quicker and in a way more scalable style,” mentioned Urtasun.
In fact, it stays to be seen whether or not Waabi’s guarantees of quick, low-cost scaling will really pan out. The corporate has take a look at autos on the bottom, however has but to announce any industrial pilots with OEM or delivery companions.