Self-driving truck startup Waabi has acquired Volvo Group Venture Capital AB, the VC arm of an automaker, as a strategic investor. While the companies have not disclosed the amount of the investment or many other details about the transaction, Volvo’s participation will give Waabi access to Volvo’s extensive industry network, allowing the startup to pursue large-scale commercialization. It helps you explore opportunities.
Waabi CEO and founder Raquel Urtasun told TechCrunch:
The partnership also represents Volvo’s own commitment to autonomous trucking. Volvo Group has been looking for autonomous mobility solutions for years. As early as 2017, Volvo has developed a self-driving concept truck that will be used to transport goods between hubs. This model also pursues Waabi. In 2019, the automaker unveiled the Vera, an autonomous electric “truck” that looks like a sports car with a trailer on top. Last heard, Vela was being used in Sweden in partnership with logistics company DFDS to move goods packed in freight trailers from distribution centers to port terminals. Volvo was late to provide an update.
Most recently, Volvo partnered with autonomous vehicle technology start-up Aurora Innovation to co-develop a self-driving semi-truck with the Aurora Driver technology stack integrated into the truck for the North American market.
“We understand that Volvo is stepping up its commitment to autonomous trucking, that there is next-generation technology, and that it wants to be a leader in next-generation technology. A simulation-focused approach to autonomy: “They want to be part of that story.”
The investment is an extension of Waabi’s $83.5 million Series A led by Khosla Ventures, and comes months after the startup unveiled its first-generation truck designed specifically for OEM integration. . This means that instead of adding cameras, lidar and other sensors to trucks that are already manufactured, Waabi’s drivers (including software, sensors and computing power) will be built directly into vehicles from the assembly line. The result for bystanders is a smoother vehicle exterior, no bulky aftermarket sensor decorations, and easier cleaning and maintenance.
“We have deep partnerships with OEMs because we don’t believe in aftermarket installations,” Urtasun said. “So for us, the OEM partnership is the most important partnership.”
Urtasun was tight-lipped on whether Volvo would actually become a future manufacturing partner.
Waabi told TechCrunch that in addition to testing, training and educating Waabi’s self-driving software, the simulator will also help design the company’s next-generation trucks by testing different sensor placements on the vehicle’s digital twin. Said it was helpful. By building and testing the track in simulation, Urtasun said, Waabi avoided what could have taken years to build and test the real vehicle.
Aside from being able to speed up design and production at a fraction of the cost, Waabi’s simulator has become a selling point for Volvo because of its safety applications, Urtasun said.
“When you think of Volvo, what comes to everyone’s mind is the symbol of safety. increase. “Waabi is simulation-centric rather than deploying large test vehicles.
According to Urtasun, OEM partners are also excited about Waabi’s ability to “scale from day one” with simulators.
“This is an important stepping stone on our way forward,” said Urtasun. “We are in a very unique position in terms of the competitive landscape because we have a multi-year runway and we have a very lean approach, which means we go super fast with a fraction of the cost and people. can do.”
Waabi, founded in 2021, already claims to have the most advanced simulator in the industry and a truck that looks like the next generation of trucks to most other companies operating today.
“What really defines Waabi is the realization that a hyper-capital intensive approach is very slow. ,” said Urtasun.
Of course, it remains to be seen if Waabi’s promise of fast and cheap scaling will actually come true. The company has test vehicles on the ground, but has yet to announce a commercial pilot with an OEM or shipping partner.
