SAN FRANCISCO — More than a decade after Google began experimenting with driverless automobiles, Waymo, the autonomous car unit of Google’s mum or dad firm, Alphabet, says it has raised $2.25 billion, principally from exterior traders.
Waymo, which was spun out from Google in 2016, stated on Monday that the funding had been led by the personal fairness agency Silver Lake, the Canada Pension Plan Investment Board and the Abu Dhabi state funding arm, Mubadala. The firm didn’t disclose at what valuation the traders acquired a stake in it.
Waymo has been increasing efforts to commercialize its expertise. In 2018, it began a self-driving taxi service in Arizona. On Monday, Waymo stated it deliberate to begin a supply service, Waymo Via, which might use a fleet of autonomous autos and self-driving long-haul vehicles.
After beginning out as a analysis and improvement mission at Google in 2009, the corporate has invested billions of in growing the expertise. Many in the business contemplate Waymo to be the clear chief in autonomous car expertise.
Waymo says its autonomous autos have pushed 20 million miles on public roads and greater than 10 billion miles in pc simulation since 2009. But changing drivers with machines nonetheless doesn’t seem shut, and a few researchers consider efforts have stalled due to security considerations.
“With this injection of capital and business acumen, alongside Alphabet, we’ll deepen our investment in our people, our technology and our operations, all in support of the deployment of the Waymo Driver around the world,” John Krafcik, Waymo’s chief government, stated in a blog post on Monday.
This is the second time Alphabet has accepted outside funding for one of its so-called Other Bets, companies spun out from Google’s research labs.
Last year, it raised $1 billion for Verily, its life sciences unit, from investors including Silver Lake. In February, Sundar Pichai, Alphabet’s chief executive, said it would consider opportunities for additional Other Bets to take similar steps. He did not identify Waymo by name at the time.
Under Ruth Porat, its chief financial officer, Alphabet has worked to rein in spending at its research and development projects. Waymo is one of the most cost-intensive units at the company.
Waymo said officials from Silver Lake and the Canada Pension Plan Investment Board would take board seats at the company. Other investors included the contract manufacturer Magna International, Andreessen Horowitz and AutoNation, as well as Alphabet. In a securities filing, AutoNation said its investment was $50 million.