Alphabet's Waymo Secures $5.6 Billion for Autonomous Ride-Hailing Expansion
Friday, Oct 25, 2024 11:35 am ET
1min read Alphabet Inc.'s autonomous driving unit, Waymo, has raised a substantial $5.6 billion in its latest funding round, led by its parent company Alphabet. This investment will support the company's expansion and further development of its self-driving technology, as it seeks to solidify its position in the competitive robotaxi market.
Waymo's co-CEOs, Tekedra Mawakana and Dmitri Dolgov, announced that the funds will be used to expand the company's robotaxi service, Waymo One, to new cities and enhance its AI-powered autonomous driving system, Waymo Driver. The company aims to continue welcoming more riders into its ride-hailing service in San Francisco, Phoenix, and Los Angeles, and plans to launch its service in Austin and Atlanta through its partnership with Uber.
The funding round was oversubscribed, with participation from prominent investors such as Andreessen Horowitz (a16z), Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price. This latest round brings Waymo's total capital raised to $11.1 billion, following two earlier funding rounds of $3.2 billion and $2.5 billion.
Waymo's self-reported data suggests that its vehicles crash "far less often than human drivers on public roads," according to an analysis by Understanding AI author Timothy B. Lee. However, the company has initiated software recalls to improve the safety of its self-driving systems and has experienced incidents such as traffic blockages, wrong-way driving, and collisions (none resulting in a known fatality or severe injury).
Waymo's next-generation robotaxi will be a Geely Zeekr equipped with its custom sensors and AI "Driver." Additionally, the company has agreed to a multiyear strategic partnership with Hyundai, which will add the South Korean automaker's Ioniq 5 electric vehicle to its robotaxi fleet. Waymo also plans to test its driverless vehicles in harsher, winter weather conditions, aiming to offer robotaxi services beyond the sunbelt and eventually internationally.
In conclusion, Waymo's $5.6 billion funding round will enable the company to expand its autonomous ride-hailing service, advance its self-driving technology, and strengthen its position in the competitive robotaxi market. As the company continues to grow and innovate, it remains focused on enhancing the safety and accessibility of its services for riders.
Waymo's co-CEOs, Tekedra Mawakana and Dmitri Dolgov, announced that the funds will be used to expand the company's robotaxi service, Waymo One, to new cities and enhance its AI-powered autonomous driving system, Waymo Driver. The company aims to continue welcoming more riders into its ride-hailing service in San Francisco, Phoenix, and Los Angeles, and plans to launch its service in Austin and Atlanta through its partnership with Uber.
The funding round was oversubscribed, with participation from prominent investors such as Andreessen Horowitz (a16z), Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price. This latest round brings Waymo's total capital raised to $11.1 billion, following two earlier funding rounds of $3.2 billion and $2.5 billion.
Waymo's self-reported data suggests that its vehicles crash "far less often than human drivers on public roads," according to an analysis by Understanding AI author Timothy B. Lee. However, the company has initiated software recalls to improve the safety of its self-driving systems and has experienced incidents such as traffic blockages, wrong-way driving, and collisions (none resulting in a known fatality or severe injury).
Waymo's next-generation robotaxi will be a Geely Zeekr equipped with its custom sensors and AI "Driver." Additionally, the company has agreed to a multiyear strategic partnership with Hyundai, which will add the South Korean automaker's Ioniq 5 electric vehicle to its robotaxi fleet. Waymo also plans to test its driverless vehicles in harsher, winter weather conditions, aiming to offer robotaxi services beyond the sunbelt and eventually internationally.
In conclusion, Waymo's $5.6 billion funding round will enable the company to expand its autonomous ride-hailing service, advance its self-driving technology, and strengthen its position in the competitive robotaxi market. As the company continues to grow and innovate, it remains focused on enhancing the safety and accessibility of its services for riders.
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