Waabi, a Toronto-based company specializing in autonomous driving technology, has secured $1 billion in funding while forming a key partnership with Uber. This collaboration aims to introduce at least 25,000 robotaxis on Uber's ride-hailing platform, marking a notable shift from Waabi's previous focus on autonomous trucking.
The funding package includes a $750 million Series C round led by Khosla Ventures and G2 Venture Partners, alongside a $250 million investment contingent on the robotaxi rollout. This funding is reported to be the largest in Canadian history. Key investors in this round also include NVentures, Volvo Group Venture Capital, and Porsche Automobil Holding SE, among others.
While Waabi has not revealed its valuation post-funding, reports indicated it aimed for a $3 billion valuation during the Series C. The specific locations and timeline for the deployment of Uber's robotaxis remain undisclosed, suggesting that further details are forthcoming.