Alphabet, parent to Google, announced that its self-driving car company Waymo has raised a $2.5 billion round of funding.
The round included participation from Alphabet, Andreessen Horowitz, AutoNation, Canada Pension Plan Investment Board, Fidelity Management & Research Company, Magna International, Mubadala Investment Company, Perry Creek Capital, Silver Lake, funds and accounts advised by T. Rowe Price Associates, Inc., Temasek, and Tiger Global.
Waymo raised last year a total of $3.2 billion, which included its first round of outside funding. The company was previously funded by Alphabet alone.
“With tens of millions of miles driven on public roads across 25 U.S. cities, and tens of billions of miles driven in simulation, our experience has shown us, and our investors, the massive opportunity ahead,” the company said in a blog post. “We’re building and deploying the Waymo Driver to serve riders, deliver parcels, move freight, and eventually, to empower personal car ownership.”
The company is currently operating a fully autonomous, public ride-hailing service in Metro Phoenix – Waymo One – that has served thousands of rider-only trips. Waymo also operates a fleet of all-electric Jaguar I-PACE vehicles in San Francisco.
On the freight side of the business, the company’s Waymo Via works with trucking partners like J.B. Hunt. On a local level, Waymo Via delivers “safely and efficiently” for clients including UPS and AutoNation.