The Globe and Mail reports in its Wednesday edition that autonomous driving software company Waabi Innovation Inc. is in advanced talks to raise one of the largest financings ever by an early-stage Canadian technology company.
The Globe's Sean Silcoff and Joe Castaldo write that the four-year-old Toronto start-up is expected to close a financing that could exceed $750-million as soon as this month (all figures U.S.). The deal is co-led by Silicon Valley financiers Khosla Ventures and G2 Venture Partners, and includes $250-million from Uber Technologies, the former employer of Waabi chief executive officer and founder Raquel Urtasun. The deal would value Waabi at $3-billion before the receipt of funds raised.
The information was shared by three unnamed sources familiar with the matter. Officially, Waabi declined to comment on the record. The financing comes 18 months after Waabi raised $200-million in an oversubscribed venture capital financing that was co-led by Uber and Khosla and backed by global investors including chip giant Nvidia, Volvo Group Venture Capital, Porsche Automobile Holding SE, Scania Invest and Ingka Investments, affiliated with retail colossus IKEA and Canada's Radical Ventures.
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