Porsche Automobil : SE invests in technology company Waabi

• Waabi develops AI-based solution for self-driving trucks
• Generative AI allows for cost-efficient development and scaling of the technology

Stuttgart, 18 June 2024. Porsche Automobil Holding SE ("Porsche SE") has invested in the Canadian AI company Waabi Innovation Inc. ("Waabi"). The investment was made as part of the Series B financing round in which Waabi raised a total of 200 million US dollars.

Waabi develops an AI-based solution for self-driving trucks. The simulation-based approach used by the company to develop and train the AI model offers significant advantages over conventional approaches to autonomous driving. Particularly, through the use of the proprietary end-to-end AI system and simulation platform, Waabi has developed a solution that is safe, cost-efficient, and reduces the need for extensive on-road testing to validate the system. Waabi is already operating commercially in the United States with plans for further growth over the coming years.

"Self-driving trucks address the key challenges that trucking companies are facing: rising freight volumes, the growing driver shortage and traffic accidents caused by human error. We therefore see enormous market potential in the technology for self-driving trucks. With its innovative AI approach, Waabi offers a convincing, cost-efficient and scalable solution to enable safe autonomous driving in a variety of driving environments," says Lutz Meschke, member of the board of management responsible for investment management at Porsche SE.

In addition to Porsche SE and other renowned investors, the venture fund "Incharge" set up by Porsche SE and the investment company DTCP also participated in the financing round.

Further information on Waabi can be found on the company's website: https://waabi.ai/

Waabi's press release on the Series B financing round is available at the following link:
https://waabi.ai/waabi-series-b-announcement/