Waabi secures $750 million in Series C funding, emerging as Canada’s latest autonomous vehicle unicorn

Waabi Secures $750 Million in Series C Funding, Boosting Its Position in Autonomous Vehicles

Waabi, an autonomous vehicle technology company based in Toronto, has announced the successful closure of a $750 million Series C funding round, surpassing initial targets. With an additional performance-based investment from Uber, the company now has access to a total of $1 billion in capital.

This funding round marks the largest in Canadian history and will be used to further develop Waabi’s Physical AI Platform. The investment will help drive the company’s commercial growth in trucking technology and pave the way for its entry into the robotaxi sector.

The Series C round was co-led by Khosla Ventures and G2 Venture Partners, and included strategic investors such as Uber, NVentures (NVIDIA’s venture capital division), Volvo Group Venture Capital, and Porsche Automobil Holding SE.

Additional financial support came from institutional investors, including BlackRock-managed funds, Radical Ventures, HarbourVest Partners, a subsidiary of the Abu Dhabi Investment Authority, and Incharge Capital.

Canadian backers in this round included BDC Capital’s Thrive Venture Fund, Export Development Canada, and TELUS Global Ventures.

“We are at a pivotal moment for physical AI, with self-driving technology leading the way,” said Lior Ron, Waabi’s Chief Commercial Officer and former CEO of Uber Freight, in an interview with FreightWaves. “The necessary hardware, technology, and customer demand are all in place.”

Waabi’s Unified Approach: Advancing Trucking and Robotaxis

Waabi’s strategy centers on what it claims is the industry’s only fully verifiable end-to-end AI system, paired with a highly advanced neural simulator. This unified platform allows for a “shared brain” that powers both autonomous trucks and robotaxis, meaning improvements in one area directly benefit the other.

Lior Ron explained that Waabi’s single-system model distinguishes it from competitors, who typically develop separate technology stacks for different vehicle types. “We use the same AI driver and simulator for all vehicles, expanding its abilities step by step. It’s a complementary process, not a leap,” Ron said.

The company initially targeted autonomous trucking due to its transformative potential in logistics. With its technology nearing deployment, Waabi believes it holds a leading position in the commercial trucking industry.

Unlike earlier efforts that focused solely on highway driving, Waabi aims to enable trucks to navigate complex environments, including city streets, urban centers, distribution hubs, and retail locations.

Expanding into Robotaxis

Waabi’s move into the robotaxi market leverages its existing AI driver, allowing for a faster entry compared to building a new system from the ground up. The urban driving capabilities developed for robotaxis also enhance the performance of autonomous trucks in challenging scenarios, while the company’s expertise in highway driving supports robotaxi operations.

Strategic Partnerships Fueling Growth

Waabi’s business model is built on key partnerships: Volvo supports its trucking initiatives, while Uber is central to its robotaxi deployment. The collaboration with Uber is particularly significant, as it involves deploying at least 25,000 robotaxis on Uber’s global ride-hailing platform—a deal Waabi describes as potentially the largest of its kind in the industry.

Under this agreement, Uber will manage operational aspects such as cleaning, charging, and customer scaling, while Waabi focuses exclusively on developing its AI driver technology.

This dual-market approach creates efficiencies, as high robotaxi volumes help Waabi achieve scale and cost savings with major suppliers, which in turn benefits its trucking operations.

Lior Ron emphasized that the substantial capital raised reassures logistics clients of Waabi’s long-term commitment to transforming supply chains.

“Our customers are eager for this technology,” Ron noted. “They want trucks that can operate everywhere—from highways to city streets and distribution centers. As we expand into robotaxis, we’ll continue to evolve to meet these needs, remaining a dedicated technology partner.”

Uber CEO Dara Khosrowshahi commented, “Waabi’s broadened focus on robotaxis is a significant step for both their team and the autonomous vehicle industry. We’re thrilled to strengthen our partnership as Waabi scales its Physical AI Platform and embarks on the next phase of its impressive journey.”

Waabi is targeting 2027 for the commercial launch of its trucking solution, with further announcements regarding robotaxi timelines and new partnerships with original equipment manufacturers expected soon.