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Tuesday, March 5, 2024

Google’s self-driving car developer raises $ 2.5 billion in investment

Google’s Alphabet subsidiary Waymo, which develops technologies for self-driving cars, said it raised $ 2.5 billion in its latest round of investments, the company said in a June 16 blog post.

The round of investments was attended by Alphabet, Andreessen Horowitz venture capital fund, AutoNation car dealer, Canadian state-owned investment company Canada Pension Plan Investment Board, fintech company Fidelity Management & Research Company, auto parts manufacturer Magna International, UAE state holding Mubadala Investment Company, and investment companies Perry Creek Capital, Silver Lake, Temasek and Tiger Global.

How much each of the companies invested in Waymo is not specified.

The developer of technologies for unmanned vehicles noted that the investments received will be used to further develop the business.

In particular, the money will go to finance the company’s autopilot program – Waymo Driver. Reuters, referring to the PitchBook website’s database, noted that the company is now valued at just over $ 30 billion.

Waymo was created in 2009 under the name Google Self-Driving Car Project. In the first nine years, vehicles equipped by the company drove through the streets of 25 cities in six states of the United States.

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In 2018, the company launched Waymo One self-driving taxi service in Phoenix, Arizona. The very next year, it was the first in the world to abandon “insurer” drivers in cars. In the spring of 2020, Waymo held its first round of investments in its history.

Then the company managed to raise $ 2.25 billion. Andreessen Horowitz, AutoNation and Silver Lake, among others, participated in the round.

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