Waymo, Alphabet’s self-driving unit, has closed a $5.6 billion funding round, marking the largest investment in the company’s history. Led by Google’s parent company, Alphabet, with participation from investors such as Andreessen Horowitz, Fidelity, Silver Lake, and Tiger Global, this Series C round boosts Waymo’s total capital raised to over $11 billion.
With this latest infusion of capital, Waymo aims to accelerate the growth of its Waymo One robotaxi service, currently operating in Phoenix, San Francisco, and Los Angeles. Plans are underway to expand into Austin and Atlanta, where the service will be available exclusively through the Uber app. Waymo’s current partnership with Uber has allowed it to explore new markets while simultaneously increasing its user base by integrating with a familiar platform.
Waymo’s funding announcement also highlighted its ambition to broaden the applications of its “Waymo Driver” autonomous technology. This AI-powered driving system could potentially serve beyond the ride-hailing space, with Waymo exploring applications in areas like delivery services and even autonomous trucking, aiming for an ecosystem that integrates AV technology into everyday logistics and transit.
As Waymo’s robotaxis gain popularity, it has witnessed a steady rise in demand. According to the company, Waymo One now provides more than 100,000 weekly trips, marking a tenfold increase from just last year. This growth not only signifies user confidence but also suggests that attitudes toward AVs are slowly evolving.
Waymo has been extensively testing its self-driving technology in various environments, recently adding routes in Buffalo, New York, and Washington, DC, to handle more challenging weather conditions. This “cold-weather testing” phase is crucial for ensuring that Waymo’s AVs can operate in diverse climates, broadening the potential markets for Waymo One beyond warm-weather states.
