On January 18, 2023, Volvo Group Venture Capital announced its investment in Waabi, a company pioneering advanced artificial intelligence technology for autonomous trucking solutions. The transaction value was undisclosed. Waabi's innovative AI-first approach, encapsulated in its core product, the Waabi Driver, aims to solve autonomy at scale. The Waabi Driver is complemented by Waabi World, a high-quality simulator exposing the virtual driver to diverse scenarios for enhanced skill development.

Martin Witt, President of Volvo Group Venture Capital, expressed confidence in Waabi's capabilities and the strategic value Volvo could add to Waabi's business. The partnership reflects Volvo's commitment to expanding fully autonomous trucking, enhancing capacity, safety, and efficiency within the freight movement sector.

Nils Jaeger, President of Volvo Autonomous Solutions, emphasized the importance of partnerships and investments in commercializing autonomous transport solutions at scale. He welcomed Volvo Group's decision to support companies like Waabi, which are integral to building a new transport ecosystem.

Raquel Urtasun, Founder and CEO of Waabi, highlighted that autonomy is poised to transform trucking and logistics. She noted that Volvo's investment represents a significant milestone, underlining both companies' dedication to safety.

Volvo Group Venture Capital, established in 1997, focuses on driving transformation through investments in venture companies that align with the Volvo Group’s strategic priorities, including logistics services, site solutions, electrification, and climate tech. The transaction is not expected to significantly impact Volvo Group’s earnings or financial position. Legal advisors for the deal were not disclosed.