Waymo has announced the closure of their Series C funding round totaling $5.6 billion, led by Alphabet alongside venture capital firms Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price. This round of investment will be utilized by Waymo to expand their driverless taxi service, Waymo One, in San Francisco, Phoenix, Los Angeles, as well as in Austin and Atlanta through a partnership with Uber by 2025. Additionally, it will be used to further develop Waymo Driver, their AI-powered driverless car system, in collaboration with other businesses.
The Series C funding brings Waymo’s total raised capital to $11 billion across three rounds. As Alphabet, Google’s parent company and major stakeholder in Waymo, continues to announce plans for ongoing investment in Waymo. Waymo highlights the success of their driverless taxi service, Waymo One, which now operates fully in Phoenix and San Francisco with over 100,000 paid trips per week, a tenfold increase from the previous year. This reflects the confidence in Waymo’s service and safety. The next phase involves expanding testing in more complex urban environments such as Buffalo, New York, and Washington D.C.
TLDR: Waymo secures $5.6 billion in Series C funding, led by Alphabet and several venture capital firms, to expand their driverless taxi service and AI-powered driverless car system, with plans for further investment and testing in additional cities.
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