Waymo Secures $2.5 Billion Funding Round Led by Parent Company Alphabet
Google's self-driving subsidiary Waymo raises another massive funding round to expand its team and improve its autonomous technology.
Waymo, the self-driving vehicle division of Google's parent company Alphabet, raises $2.5 billion in a new funding round. This major investment arrives approximately one year after the company secured $2.25 billion in its initial external fundraising effort.
Alphabet leads this latest funding round, with additional contributions coming from venture capital firms, sovereign wealth funds, and automotive industry companies. Waymo does not disclose its current valuation following this massive cash injection.
Co-CEOs Tekedra Mawakana and Dmitri Dolgov state that the company plans to use these new funds to grow its workforce and advance its autonomous driving technology. Investors show strong confidence in the company despite a recent CEO transition and a commercial rollout that moves slower than initial expectations.