Ingka Investments, the investment arm of Ingka Group, today announced its participation in the USD 200 million Series B funding round for Waabi, a pioneer in utilizing generative AI for self-driving technology. The funds will support Waabi’s deployment of fully driverless autonomous trucks in 2025.
“This investment reflects our dedication to transforming industries through smart, efficient solutions that not only drive economic value but also contribute positively to society and the environment”
– Peter van der Poel, Managing Director of Ingka Investments
Waabi has taken a unique approach in self-driving by developing a powerful AI system that is highly capable of reasoning and making decisions in various driving conditions and routes. This breakthrough, paired with Waabi World, an advanced simulator where the self-driving system is trained and tested, enables a safer, more efficient autonomous trucking solution that is highly capital efficient and scalable.
Peter van der Poel, Managing Director of Ingka Investments, commented, “our mission at Ingka Group is to create a better everyday life for the many people. Waabi’s technology aligns perfectly with our commitment to sustainability and innovation. This investment reflects our dedication to transforming industries through smart, efficient solutions that not only drive economic value but also contribute positively to society and the environment.”
“Ingka Group has strong ties to the retail and logistics space, and they share our mission of building a sustainable future by unleashing the potential of autonomous trucks to improve the supply chain,” said Raquel Urtasun, Waabi CEO and founder. “We are grateful for Ingka Group’s support and with this funding round, we’re confident that we have everything we need – both strategically and financially – to launch fully driverless trucks in 2025.”
About Ingka Group
With IKEA retail operations on 31 markets, Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Read more on www.Ingka.com.
About Ingka Investments
Ingka Investments, the investment arm of Ingka Group, supports the long-term growth and financial strength of Ingka Group and IKEA. By acquiring and investing in innovative businesses, Ingka Investments also helps transform our business, lower our climate footprint, and have a positive impact on society.
Since 2015, Ingka Investments has focused on investing in startups and acquired businesses at the growth stage and beyond. The primary areas of interest include innovative companies in logistics and fulfilment, home furnishing services, financial services, sustainable food, life at home related services and other retail-related areas.
Read more about Ingka Investments here: https://www.ingka.com/what-we-do/ingka-investments/
About Waabi
Waabi, founded by AI visionary Raquel Urtasun, is pioneering generative AI for the physical world, first by applying this technology to overhaul the autonomous trucking industry. Waabi is backed by best-in-class investors across the technology, AI, automotive, logistics and Canadian innovation ecosystems, including Uber, Khosla Ventures, NVIDIA, Volvo Group Venture Capital, Porsche Automobil Holding SE, Scania Invest, Ingka Investments, BDC, EDC, Radical Ventures, and others.
To learn more, visit www.waabi.ai or follow us on X or LinkedIn.
Media enquiries
For further information, journalists and media professionals can contact us at press.office@ingka.com or by calling +46 70 993 6376.
