Waymo Closes $5.6 Billion Funding Round From Alphabet
Waymo is one of a large pack of companies pursuing robotaxi services in the US. It runs a commercial ridehailing platform in San Francisco, Phoenix and Los Angeles, where it charges fares for trips in self-driving cars.
Waymo also recently partnered with Uber Technologies Inc. to offer rides through its app in new markets Austin and Atlanta, starting next year.
Tweet on Waymo startup valuation
Bloomberg reports that Waymo, Alphabet Inc.’s autonomous driving unit, raised $5.6 billion from investors, its largest-ever funding round#alphabet #waymo https://t.co/UV3C0kLmXL
— The_Journalbiz (@the_journalbiz) October 25, 2024
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The investment was led by Google parent Alphabet and included participation from Andreessen Horowitz and big-name finance firms Fidelity Investments, T. Rowe Price Group and others, Waymo said in a statement on Friday.
Earlier this year, Alphabet pledged to invest as much as $5 billion over several years to help the startup build its autonomous driving technology. Waymo didn’t specify how much of this round Alphabet accounted for. Waymo’s valuation was not disclosed.
- Alphabet shares were up 1.5% to $165.10 at 11:14 a.m. Friday in New York.
Waymo raised $2.25 billion in 2020, marking the first time it accepted outside investment. The funding was led by private equity firm Silver Lake Management LLC, which also participated in the latest round. The company raised another $2.5 billion in 2021.
