Waabi Raises 750 Million Dollars: Waabi, a startup from Toronto that builds self-driving trucks just got a lot of money $750 million to help Waabi grow its business and start working on robotaxis. This money is coming from people who invest in companies like Khosla Ventures and G2 Venture Partners. This is really news for Waabi because it is one of the biggest amounts of money ever given to a Canadian tech company, like Waabi.
Uber is also planning to invest two hundred and fifty million dollars if Uber meets certain goals. In return Waabi will put least twenty five thousand of Waabis self-driving vehicles on Ubers ride-hailing platform. This shows that Uber is moving from hauling cargo to also giving rides to people so Uber will be doing both now.
A Leader With Big Experience
Raquel Urtasun, the CEO and founder of Waabi has been working on self-driving cars for a long time 16 years to be exact. Before starting Waabi she was a deal at Uber, where she was in charge of their self-driving car program. Now Raquel Urtasun is also a professor, at the University of Toronto. Raquel Urtasun says that this new money is going to help Waabi make its self-driving cars even smarter which means the self-driving cars and trucks will be able to drive in new places and in different conditions like rain or snow and that is what Waabi is trying to achieve with its self-driving cars.
Urtasun said that we can finally scale up the business. The next few years of the business are going to be really amazing, for the business.
High-Tech Trucks and Safety First
Waabi has built self-driving trucks that can carry trailers with the help of technology from companies like Volvo and Peterbilt.
The Waabi trucks use a lot of tools like lidar and cameras and radar to see the road.
This helps the Waabi trucks see the road, in ways which makes the Waabi trucks safer.
Urtasun said that the Waabi trucks can notice problems faster and avoid accidents because the Waabi trucks have sensors.
Tough Competition Ahead
Waabi is growing fast but it does not have this space all to itself. There are companies like Aurora, Kodiak AI and Tesla that are also working on self-driving trucks. Then there are robotaxi services that have to compete with companies like Waymo, Nuro, Rivian and even some Chinese companies like Xiaomi and BYD. The big challenge for Waabi will be to stay of all these companies. Waabi has to make sure its cars and trucks are safe and efficient which is very important, for self-driving trucks and cars.
What is next, for Waabi?
The startup has not said what their future vehicles will be like. They want to get bigger fast. They will use the money they got to make technology work for Waabi trucks and Waabi cars. Waabi has some companies like Uber, Volvo and Nvidia helping them out. Waabi thinks that one day self-driving rides, with Waabi will be normal.
Do you think self-driving cars and trucks will be safe enough for everyone to use soon? Share your thoughts in the comments!
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