Waymo’s first round of external financing increases to $3 billion

Waymo’s first round of external financing was initially expected to bring in $2.25 billion for the self-driving company, but the company’s raising grew to $3 billion thanks to the addition of some new investors,media reported. On March 2, local time, Waymo announced its first round of outside investments, with investors including Silver Lake, Canada Plan Plan Investment Board, Mubadala Investment Company, Magna International, Andreessen Horowitz, AutoNation and Waymo Alphabet.

Waymo's first round of external financing increases to $3 billion

This round of financing of new investors is by T. Funds managed by Rowe Price Associates, Perry Creek Capital and Fidelity Management and Research Company.

Until now, Waymo has been an outsider in the field of self-driving cars, relying almost entirely on the generous funding of its parent company. Now with the new money, the company says it will accelerate its plans to commercialize its revolutionary self-driving technology, which the company believes will become even more important in a world that has been transformed by the new corona virus pandemic.

“The new corona virus highlights how fully autonomous driving technology can provide safe and hygienic personal mobility and delivery services,” Waymo CEO John Kravczyk said in a statement. “

The new money is good news for Waymo and Alphabet’s respective finance teams. Waymo is said to have spent alphabet nearly $1 billion on a limited commercial robotic taxi service in suburban Phoenix, Arizona, but generated only modest revenue.

In March, Waymo suspended its fleet after receiving a closure order. The company has said it will resume testing in Arizona this week. In addition, according to the company, before the epidemic, it offered 1,000 to 2,000 weekly internet-assistance services in Arizona, 5 to 10 percent of which were done without a manual driver.