In a significant boost for its operations, Waymo has announced it has raised $5.6 billion in an oversubscribed investment round, primarily backed by Alphabet, Google’s parent company. This latest funding injection is set to fuel the company’s ambitious plans to expand its driverless taxi services into Austin and Atlanta by early next year.
This round of funding brings Waymo’s total capital raised to an impressive $11.1 billion, following previous fundraising efforts that netted $5.5 billion in 2020 and 2021. The substantial investment reflects investor confidence in Waymo’s technology and its potential for scalability across new markets. The funding will primarily support the expansion of its services in these two cities, broadening the reach of its autonomous vehicle fleet.
Currently, Waymo operates driverless taxi services in San Francisco, Los Angeles, and Phoenix, including a curbside transport service for Phoenix’s Sky Harbor International Airport through its Waymo One driving system. The company recently announced the introduction of fully autonomous freeway operations in both Phoenix and San Francisco, further demonstrating its technological advancements in autonomous driving.
Waymo’s expansion plans not only focus on geographical reach but also aim to enhance its Waymo One system, which is designed to adapt to various business applications over time. In a blog post, Waymo indicated that the new funding would support the system’s ongoing development, enabling it to cater to a wider array of commercial uses.
Alphabet’s financial commitment to Waymo is not new; the tech giant previously invested $5 billion in the company in July, marking it as part of a multi-year investment strategy aimed at advancing autonomous driving technology. As of July, Waymo’s driverless fleet had logged 25 million miles, surpassing its competitors, including Uber, which sold its self-driving unit four years ago before partnering with Waymo.
For more information about Waymo’s expansion and funding details, check out the full article on Engadget. As Waymo continues to lead in the autonomous vehicle space, its expansion efforts could redefine urban transportation in major U.S. cities.