Volvo AB’s venture capital arm has invested an undisclosed amount in Toronto autonomous-vehicle startup Waabi Innovation Inc.
“We see Volvo as providing tremendous value for us,” Waabi chief executive officer Raquel Urtasun said in an interview. “This announcement is an investment, but the intention is to really work together and explore ways to go to that scale of commercialization.”
The Swedish auto giant’s investment is believed to be in the single-digit millions of dollars.
Ms. Urtasun, a University of Toronto professor renowned as one of the leading researchers in the field, was previously chief scientist at Uber Technologies Inc.’s self-driving division.
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