The funding round reflects the departure of Waymo CEO John Krafcik in April and criticism that the company is going slower than expected toward commercialization of its technology.
In extension, Waymo and other self-driving companies have encountered adoption to be more complicated than anticipated. The company, for instance, still primarily relied on human safety drivers last summer.
Waymo is a unit of Alphabet’s “Other Bets” that stretches to lose money. The newest funding reveals that the company is frequently relying on other investors to help support the unit.
The company has previously deployed its autonomous vehicles in Phoenix as a ride-hailing service. The company’s delivery unit, Waymo Via, is also operating with freight partners. Moreover, it operates with delivery clients such as UPS to transport goods.
Waymo Raises Its Initial Funding
Waymo beforehand raised $2.25 billion in its initial external funding round last year.
Before that, Alphabet helped the business itself. It makes the rest of its “Other Bets,” but the funding move revealed Waymo sought even more capital.
Waymo states it eventually wants individuals to own and operate vehicles utilizing its autonomous driving technology. The company told it’d driven tens of millions of miles on public roads over 25 cities in the U.S. so far.
The newest round includes funding from Waymo-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, funds and accounts advised by T. Rowe Price Associates, Temasek, and Tiger Global.