Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) unit Waymo is reportedly seeking to raise approximately $16 billion in a new financing round, aiming for a valuation close to $110 billion.
Alphabet To Participate
According to a Reuters report citing Bloomberg, Waymo-parent Alphabet plans to contribute around $13 billion to this funding round.
The remaining funds are expected to come from investors such as Sequoia Capital, DST Global, and Dragoneer Investment Group. Waymo stated to Reuters that while they do not comment on private financial matters, their focus remains on safety-led operational excellence and technological leadership to meet the growing demand for autonomous mobility.
Waymo’s Fundraising Discussions
In December, The Information had reported that Waymo was in discussions to secure funding at a valuation of at least $100 billion. Waymo, which emerged from Google’s self-driving car project in 2016, operates the only U.S. paid robotaxi service without safety drivers. The company boasts a fleet exceeding 2,500 vehicles.
Meanwhile, the U.S. auto safety agency has launched an investigation after a Waymo vehicle struck a child in Santa Monica, California, last week, causing minor injuries.
Challenging Environment For Autonomous Vehicles
This incident, coupled with the recent crash in Santa Monica, has drawn scrutiny from the National Highway Traffic Safety Administration (NHTSA).
Despite these challenges, Waymo continues to expand its operations, recently conducting robotaxi testing in London, as part of its planned expansion into Europe.
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