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Alphabet’s self-driving unit Waymo raises $2.5 bln in funding round

Published: Updated:

Alphabet Inc’s self-driving unit Waymo said on Wednesday it raised $2.5 billion in a funding round with participation from Alphabet, Andreessen Horowitz, Silver Lake, and Tiger Global, among others.

Waymo, which was formed in 2009 as a project within Alphabet’s Google unit, is widely considered the leader in developing self-driving technology.

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According to investor website PitchBook, the company is valued at just over $30 billion. Alphabet did not immediately comment on the unit’s latest valuation.

The funds from the round, which included more than 10 participants, will be used for advancing Waymo Driver, the company’s autonomous driving technology, and to grow Waymo’s team, the company said. (https://bit.ly/3iL7l6t)

Waymo is the first to self-operate a fully autonomous, public ride-hailing service, Waymo One. It has been self-driving vehicles in Metro Phoenix, San Francisco and the Bay Area.

Read more: Waymo and Uber settle self-driving vehicle trade secret dispute