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Alphabet’s Waymo Raises $ 2.5 Billion in New Investment Round

With LIDAR and other sensor units that are part of Google’s parent company Alphabet Inc, which safely drives a historic railroad station with a sign labeled Mountain View in the town of Silicon Valley in Mountain View, California. Enlarged view of the self-driving minivan with the logo The driver is displayed, October 28, 2018.

Smith Collection / Gado | Photo Archive | Getty Images

Google Waymo, a brother company, announced on Wednesday a $ 2.5 billion investment round to advance autonomous driving technology and grow the team.

Funding round Waymo CEO John Krafcik in April Criticism that the company is moving slower than expected towards the commercialization of technology. Waymo and other self-driving companies find hiring more difficult than expected.For example, the company was still primarily dependent Human safety driver last summer..

Waymo is one of Alphabet’s “other bets” and continues to lose money. With the latest funding, the company finds it increasingly dependent on other investors to support its units.

The company has already deployed self-driving cars in Phoenix as a ride-hailing service. Waymo Via, the company’s delivery division, also works with freight partners and delivery clients such as UPS to transport goods.

Former Waymo Raised $ 2.25 billion in first external funding round last year. Prior to that, Alphabet supported the business itself like any other “other bet”, but with funding moves Waymo was seeking more capital.

Waymo says it ultimately wants individuals to own and operate vehicles using self-driving technology. So far, the company has traveled tens of millions of miles on public roads in 25 cities in the United States.

The latest round includes funding from Waymo’s parent company Alphabet, Andreessen Horowitz, AutoNation, Canada Pension Plan Investment Board, Fidelity Management & Research Company, Magna International, Mubadala Investment Company, Perry Creek Capital, Silver Lake, T. Funds and accounts advised by RowePrice Associates, Temasek and Tiger Global.

— CNBC’s Phil Le Beau contributed to this report.

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Alphabet’s Waymo Raises $ 2.5 Billion in New Investment Round

Source link Alphabet’s Waymo Raises $ 2.5 Billion in New Investment Round

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