Tech
Google's old autonomous car project attracts new investors | Business
SAN FRANCISCO (AP) Google's old autonomous vehicle project is becoming a more autonomous company by integrating it with its first investors in addition to its parent company.
Waymo got $ 2.25 billion from a group of investors led by Silver Lake and the Canada Pension Plan Investment Board to help the company continue to develop its autonomous driving technology for its transit service and recently a trucking division launched.
Other investors in the deal announced on Monday include Mubadala Investment Company, auto parts makers Magna International, venture capital firm Andreessen Horowitz and AutoNation, the largest chain of car dealerships in the United States.
So far, Waymo has relied exclusively on the deep pockets of its parent company, Alphabet, which also contributed to the $ 2.25 billion investment.
The infusion of money from new investors marks Waymo's biggest step towards the eventual exit from Alphabet. This is something analysts have assumed will ultimately happen once its autonomous car technology becomes advanced enough to start generating significant revenue.
Waymo CEO John Krafcik said a spin-off has always been on the roadmap "during a conference call with reporters on Monday. We consider this investment as another validation of this that we do, "said Krafcik. He declined to reveal how much Waymo is valued by investors, but said the company is still in talks to raise even more money.
Alphabet does not disclose details of Waymo's financial performance, but aggregates its results with a group of other high-risk projects and companies known as Other Bets. "This division lost $ 4.8 billion last year on a turnover of just $ 659 million.
But analysts believe Waymo could turn out to be a gold mine, as it is considered the race leader in building robotic cars that could eventually eliminate the need for humans behind the wheel and revolutionize the way people move.
So far, however, Waymo only operates a small carpool service in the Phoenix area, although it still plans to expand to others parts of the United States and possibly internationally.
This story has been corrected to reflect the fact that the $ 2.25 billion raised by Waymo comes from investments rather than loans.
Copyright 2020 The Associated Press. All rights reserved. This material may not be published, disseminated, rewritten or redistributed without authorization.
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