Alphabet Owned Waymo Raises $2.5 Billion In Latest Investment Round 

Alphabet-owned self-driving major Waymo has raised $2.5 billion in the latest round which is intended to further the self-driving car technology the company has pioneered in the last decade ever since its infancy inside the Google X research and development unit. The fudging also comes just months after its CEO John Krafcik left the company when it was criticised for its slow pace of commercialisation.

Self-driving car startups have found life harder in recent times and even a mature player like Waymo still relies on human safety drivers. A total of only eight companies have a permit from the California public utility commission for operating their vehicles without drivers.

Waymo was spun off from Google as a part of Alphabet's other bets division. It already operates its autonomous vehicles in Phoenix, Arizona as a ride-hailing service. It also has a delivery unit which is working with freight partners like UPS to transport and deliver goods.

Waymo has an advanced fleet of autonomous vehicles

This latest round of investment comes after it raised $2.25 billion in March 2020. By July 2020, it had raised an overall $3.2 billion. Before this, it was funded fully by Alphabet. The bold vision for Waymo is for individuals to own and operate vehicles using autonomous technology. Officially the company has run millions of miles across 25 cities in the US so far.

The latest round comes from Waymo's parent Alphabet, Andreessen Horowitz, AutoNation, Canada Pension Plan Investment Board, Fidelity Management and Research, Magna International, Mudabala Investment, Perry Creek Capital, Silver lake funds and accounts advised by T.Rowe Price Associates, Temasek and Tiger Global.