Waymo, Alphabet’s autonomous driving venture, has closed a substantial $5.6 billion Series C funding round to expand its robotaxi service, currently available in Los Angeles, San Francisco, and Phoenix. This round, led by Alphabet, also saw participation from major investors like Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price.
The newly raised capital will fund Waymo’s ambitions to bring its autonomous ride-hailing service, Waymo One, to new U.S. cities. Co-CEOs Tekedra Mawakana and Dmitri Dolgov emphasized that the funding would further develop the Waymo Driver system and enhance its business applications. Waymo has also extended its partnership with Uber to include robotaxi operations in Austin and Atlanta, enabling more riders to experience driverless trips through the Waymo One app.
This investment brings Waymo’s total capital raised to over $11 billion, including $3.2 billion and $2.5 billion from two earlier rounds. Alphabet CFO Ruth Porat confirmed a multiyear investment of up to $5 billion in Waymo, reflecting Alphabet’s commitment to the company’s growth in autonomous driving.
Among Waymo’s notable competitors, GM-owned Cruise paused operations in October 2023 following a San Francisco incident. Tesla, meanwhile, recently announced plans to introduce its own ride-hailing service, pending upgrades to its partially automated systems.
Despite public hesitation, particularly regarding safety, Waymo reports that its vehicles have fewer crashes than human drivers on public roads. With more than 100,000 weekly trips across its existing service areas, Waymo has become a transportation choice for those concerned about safety in traditional ride-hailing and even for parents sending teens to school.
The next generation of Waymo’s robotaxi fleet will include the Geely Zeekr model, which is designed with Waymo’s custom sensors and AI. Waymo has also partnered with Hyundai to add the Ioniq 5 electric vehicle to its fleet. Testing of Waymo’s autonomous vehicles in winter weather conditions is planned for northern California, upstate New York, and Michigan, indicating Waymo’s intent to extend its services beyond the sunbelt and eventually offer them internationally.
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