Waymo Secures $2.5 Billion in Second External Funding Round
Alphabet's self-driving unit Waymo raises $2.5 billion from a group of high-profile existing investors to expand its autonomous driving platform and workforce.
Waymo, the autonomous vehicle unit under Alphabet, raises $2.5 billion in its second external funding round. The company plans to use this new capital to continue developing the Waymo Driver platform and to expand its team. A roster of prominent existing investors, including Alphabet, Andreessen Horowitz, Silver Lake, and Tiger Global, participates in this latest financial injection.
This massive investment arrives shortly after a significant leadership transition at the company. Former CEO John Krafcik steps down in April after five years, leaving co-CEOs Tekedra Mawakana and Dmitri Dolgov to guide the organization through this new phase of growth. Krafcik previously led the company through its first external raise, which eventually totals nearly $3 billion.
Waymo currently operates its Waymo One ride-hailing service in the Phoenix, Arizona area and actively expands its Waymo Via trucking division. Just earlier this month, the company launches a pilot program with J.B. Hunt to test autonomous cargo transportation between Houston and Fort Worth, Texas. This new funding provides the financial backing needed to scale these commercial services further.