Waymo, the autonomous driving subsidiary of Alphabet, has raised a record-breaking $5.6 billion in a heavily oversubscribed Series C funding round, marking the largest funding round ever for the company. This new capital will be used to further expand Waymo’s autonomous taxi service, known as Waymo One.
The funding round was led by Alphabet, with participation from other prominent investors including Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price. While the exact investment proportions were not disclosed, this marks Waymo’s second external funding round and the first since its $2.25 billion Series Bround in 2020, which eventually reached $3.2 billion.
Waymo plans to utilize this substantial investment to expand its operations into new cities and further develop its autonomous driving capabilities. The company has made significant progresssince its last funding round, shifting its focus away from autonomous trucking and concentrating almost entirely on its ride-hailing service. This strategic shift has proven successful, as Waymo One currently operates in San Francisco, Los Angeles, and Phoenix, with expansion plans underway for Austin and Atlanta.
The company’s commitment toits autonomous taxi service is evident in its impressive growth. Waymo One currently serves over 100,000 riders per week across its operational cities. This significant user base demonstrates the growing demand for autonomous transportation solutions, positioning Waymo as a leader in the rapidly evolving autonomous vehicle market.
This latest funding roundsignifies a significant milestone for Waymo, solidifying its position as a major player in the autonomous driving industry. The company’s continued investment in research and development, coupled with its strategic expansion plans, suggests a strong commitment to realizing the full potential of autonomous technology. As Waymo continues to scale its operations, the future oftransportation is poised for a transformative shift, driven by the promise of safe, efficient, and accessible autonomous ride-hailing services.
References:
- Waymo Secures Record $5.6 Billion Funding to Expand Autonomous Taxi Service
- Waymo Raises $5.6 Billion in Record Funding Round
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