A autonomous vehicle startup based in Canada has just attracted some of the largest venture capital funds and technology giants in the world to back an ambitious vision: using artificial intelligence for self driving cars.

‍What’s happening:‍

  • Toronto based autonomous vehicle startup Waabi has raised $275M CAD in a new Series B financing round
  • The round was led by Uber (NASDAQ: UBER) and legendary Silicon Valley venture capital fund Khosla Ventures

Why it matters:‍

  • Autonomous vehicle startups have been on the rise recently, with countries such as Dubai beginning to embrace autonomous vehicles for public roads for the first time ever
  • Waabi already has multiple notable partnerships, including with Uber Freight to leverage self driving vehicle technology for commercial transportation and logistics

By the numbers:‍

  • Waabi has now raised $375M in venture capital funding since inception

Going deeper:‍

  • Waabi’s recent Series B financing also saw multiple new notable participants, including technology giant Nvidia (NASDAQ: NVDA) and Porsche
  • Porsche has also invested heavily into autonomous vehicle technology company Applied Intuition, previously leading their last financing round alongside of Lux Capital

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