The Volvo Group Venture Capital AB Investment in Waabi
Volvo Group Venture Capital AB has declared their investment in Waabi– a company dedicated to developing the next-generation of autonomous trucking technology. The investment underlines the companies’ shared commitment to redefining the way they move goods and accelerating the deployment of future transport solutions. The ever-evolving automobile industry is ripe with opportunity to drive sustainable innovation and Volvo Group Venture Capital AB is looking to capitalize on that.
The need for sustainable Automotive Solutions
Founded in 2015, Waabi’s vision is to rethink how automation and mobility are connected, ultimately aiming to create more efficient and sustainable transportation solutions. With this new investment from Volvo Group Venture Capital AB, Waabi will be able to double-down on their efforts to revolutionize the transportation industry. Their technology is set to pave the way for the world’s first fleet of driverless trucks – a feat that’s never been done before. Not only does the potential for autonomous trucking open up a variety of opportunities, but it also helps to reduce the environmental impact of traditional transportation methods. Waabi’s technology is poised to drastically reduce emissions.
The company Waabi is using advanced artificial intelligence technology to test, assess skills, and in due course instruct a virtual driver to maneuver securely and effectively in a commercial-set autonomous trucking solution. The company is impressed by what they have accomplished and see that Volvo Group can add significant strategic value to the development of its business. The company is at present discovering ways to cooperate, said Martin Witt, President of Volvo Group Venture Capital.
Freight movement is rapidly increasing, with the trucking industry moving most of the goods. Accommodating this growth has set enormous pressure on every single component of the supply chain industry. Volvo Group realizes that fully autonomous trucking transports are key to providing better safety, additional capacity, and enhanced efficiency but also assist drivers on tedious paths.
Partnerships and investments are crucial to commercializing autonomous transport solutions at magnitude.
Volvo Autonomous Solutions welcome Volvo Group’s decision to invest in companies like Waabi which are building the new transport ecosystem, said Nils Jaeger, President of Volvo Autonomous Solutions.
The Volvo Group is a major player in the automotive industry, pioneering numerous innovations since its inception in 1927. Through its venture capital arm, Volvo Group Venture Capital AB, the company has been at the helm of driving sustainability to the industry.
Recently, the firm has made a substantial investment in Waabi, a technology company primarily engaged in developing and manufacturing the next generation of autonomous trucking technology. This move is a testament to the ambition of the Volvo Group to drive sustainable innovation in the automobile sector. With this investment, the Swedish manufacturer is set to revolutionize the transportation industry by pioneering cutting-edge technologies that will reduce the environmental impact of freight transport, while also increasing efficiency and safety standards.
Waabi’s breakthrough technology will enable fleets of unmanned trucks to travel for extended distances, thereby reducing human labor, costs, and emissions.
The Volvo Group has always been committed to the development and adoption of new technologies. This investment in Waabi is the latest example of their commitment towards sustainability.
Waabi’s Vision for the future
Waabi is in the development of next-generation artificial intelligence technology to resolve autonomy at magnitude. The company recently unveiled the Waabi Driver, its core autonomous trucking solution, designed for wide-ranging commercialization and safe deployment. This solution is accompanied by Waabi World, a scalable high-quality simulator, showing the Waabi Driver the extensive diversity of scenarios needed to enhance its driving skills and pave the way to the extensive adoption of autonomous trucking.
Autonomy in the future will transform trucking and logistics, however, the self-driving industry has not solved this challenge, so far, said Raquel Urtasun, Founder and CEO of Waabi.
Urtasun added Waabi’s AI-first approach is the key to unlocking this reality at scale. Volvo Group’s investment in Waabi marks the next step in its journey, particularly over its shared commitment to safety.
Volvo Group Venture Capital was established in 1997 and invests worldwide in venture businesses. The objective is to drive transformation by accelerating the creation of new services and solutions and to support partnerships between start-ups and the Volvo Group. The market trends determining transportation’s future and the Volvo Group’s strategic significances define the investment focus areas: Logistics Services, Site Solutions, Electrification, and Climate Tech.
About Volvo Group
Volvo Group leads prosperity through transport and infrastructure solutions, offering buses, trucks, construction equipment, power solutions for marine and industrial applications, financing, and services that increase its customer’s uptime and productivity. The company is committed to defining the future environment of sustainable transport and infrastructure solutions. It is headquartered in Gothenburg, Sweden, and its shares are listed on the Nasdaq Stockholm, Sweden stock exchange.
Strong positions worldwide
With competitive product programs, strong dealers with extensive service networks, and increasingly more comprehensive offerings, the Volvo Group has determined leading positions worldwide. These positions offer economies of scale in product development, production, purchasing, and financial services.
The Volvo Group’s brand portfolio comprises Volvo, Volvo Penta, Rokbak, Renault Trucks, Prevost, Nova Bus, Mack, and Arquus. By offering products and services under different brands, the company concentrates on several distinct customer and market segments in the international market.