Waymo, a subsidiary of Alphabet, has reached a valuation exceeding $45 billion following its latest fundraising round of $5.6 billion. This financial boost is aimed at further developing Waymo Driver's commercial applications.
The funding round, which was announced recently, was led by Alphabet, with significant contributions from notable investors such as Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price. This recent influx of funds increases Waymo's total investment to $11.1 billion, following previous rounds of $3.2 billion and $2.5 billion.
Currently, Waymo services over 150,000 rides weekly in San Francisco, Los Angeles, and Phoenix, reflecting a growth rate of more than double since May. Users can access these rides through the Waymo One app. Future plans include partnerships with Uber to launch autonomous taxi services in Austin and Atlanta.
Despite facing competition from Tesla, Zoox (Amazon), and Cruise (General Motors), Waymo stands out as a leader in the U.S. autonomous taxi industry. Tesla plans to roll out its Cybercab by 2026, while Zoox is set to launch autonomous taxis in San Francisco and Las Vegas soon. Cruise has paused its autonomous operations in the U.S. following an incident in October 2023.
Waymo's strategic expansions and partnerships position it as a prominent player in the growing autonomous vehicle sector.
