The latest round expands on Alphabet’s previous plan to invest up to $5 billion in the autonomous driving company that’s preparing to launch its ride service in two new cities.Waymo, the leading operator of artificial intelligence-enabled robotic taxis, has raised $5.6 billion in its latest funding round as the Alphabet Inc. unit expands ride services in three major U.S. cities and prepares to launch in two new ones.
The amount is more than 10% above what parent Alphabet said it would invest earlier this year and includes additional backing from previous investors Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global and T.
The additional money pushes total funding for Waymo’s operations well past $10 billion since it began developing autonomous technology 15 years ago as the Google Self-Driving Car Project. Though dozens of competitors have emerged since then, the company currently has no meaningful competition in the robotaxi business in the U.S.
Despite growing revenue, which may approach $100 million this year, Waymo remains a risky bet. It has so far avoided major accidents that stymied rival programs at“The company has built the safest product in the autonomous vehicle ecosystem as well as the best,” Chase Coleman, founder of Tiger Global, said in the post.Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.