Volvo Group Venture Capital AB invests in the
Canadian founded company Waabi Innovation Inc, developing the next
generation of autonomous trucking technology. The investment
highlights the companies' shared commitment to redefine the way we
move goods and to accelerate the deployment of future transport
solutions.
GOTHENBURG, Sweden, Jan. 18,
2023 /PRNewswire/ -- "The company Waabi is using
advanced artificial intelligence technology to test, assess skills,
and ultimately teach a virtual driver to maneuver safely and
efficiently in a commercial-ready autonomous trucking solution. We
are impressed by what they have accomplished and see that Volvo
Group can add considerable strategic value to the development of
their business. We are currently exploring ways to cooperate," says
Martin Witt, President of Volvo
Group Venture Capital.
Freight movement is rapidly increasing, with the trucking
industry moving the vast majority of the goods. Accommodating this
growth has placed tremendous pressure on every part of the supply
chain industry. Volvo Group see that fully autonomous trucking
transports are key to provide additional capacity, better safety
and improved efficiency but also support drivers in tiresome
routes.
"Partnerships and investments are key to commercializing
autonomous transport solutions at scale. We welcome Volvo Group's
decision to invest in companies like Waabi who are building the new
transport ecosystem," says Nils
Jaeger, President of Volvo Autonomous Solutions.
Waabi is developing next-generation artificial intelligence
technology to solve autonomy at scale. The company recently
unveiled the Waabi Driver, its core autonomous trucking solution,
designed for large-scale commercialization and safe deployment.
This solution is complemented by Waabi World, a scalable
high-quality simulator, exposing the Waabi Driver to the vast
diversity of scenarios needed to hone its driving skills and paving
the way to widespread adoption of autonomous trucking.
"Autonomy will one day transform trucking and logistics, but the
self-driving industry has not solved this challenge, yet," said
Raquel Urtasun, Founder and CEO of
Waabi. "Our AI-first approach is the key to unlocking this reality
at scale. Volvo Group's investment in Waabi marks the next step in
our journey, particularly around our shared commitment to
safety."
Volvo Group Venture Capital was founded in 1997 and
invests globally in venture companies. The aim is to drive
transformation by facilitating the creation of new services and
solutions and to support collaborations between start-ups and the
Volvo Group. The market trends shaping the future of transportation
and the strategic priorities of the Volvo Group define the
investment focus areas: Logistics Services, Site Solutions,
Electrification, and Climate Tech.
The transaction has no significant impact on the Volvo Group's
earnings or financial position.
January 18, 2023
Journalists wanting further information, please
contact:
Claes Eliasson, Volvo Group Media
Relations, +46 76 553 72 29
For more information, please visit volvogroup.com
For frequent updates, follow us on Twitter: @volvogroup
The Volvo Group drives prosperity through transport and
infrastructure solutions, offering trucks, buses, construction
equipment, power solutions for marine and industrial applications,
financing and services that increase our customers' uptime and
productivity. Founded in 1927, the Volvo Group is committed to
shaping the future landscape of sustainable transport and
infrastructure solutions. The Volvo Group is headquartered in
Gothenburg, Sweden, employs almost
95,000 people and serves customers in more than 190 markets. In
2021, net sales amounted to SEK 372
billion (EUR 37 billion).
Volvo shares are listed on Nasdaq Stockholm.
The following files are available for download:
https://mb.cision.com/Main/39/3698743/1784762.pdf
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SOURCE AB Volvo