Tech
Google's sister company Waymo raises $ 2.25 billion as it expands beyond self-driving taxis
The Google spin-off, an autonomous car, has raised $ 2.25 billion ($ 1.77 billion) as it seeks to expand beyond driverless taxis.
The company is believed to have invested billions in technology over the years, which until now has been fully funded and owned by Alphabet, Google's parent company.
Its very first round of external funding was led by the Silicon Valley investment company, Silver Lake, the Canada Pension Plan Investment Board and the sovereign wealth fund of Abu Dhabi, laubadala Investment Company.
Alphabet also participated, alongside well-known venture capitalists, Andreessen Horowitz and the Canadian car manufacturer Magna International. Alphabet is still the majority owner.
John Krafcik, CEO of Waymo, said: "With this injection of capital and business acumen, alongside Alphabet, we will deepen our investment in our people, our technology and our operations, all in support of deployment of the Waymo Driver worldwide. "
The announcement comes as the company expands beyond autonomous taxis, which it has been operating in Phoenix, Arizona, since December 2018.
Its new service Waymo Via already makes deliveries to Phoenix, including the US postal service UPS, using the same Chrysler Pacific minivans it uses in its taxi network.
Waymo is also testing driverless trucks near its offices in Mountain View, California, as well as between Phoenix and Tucson, Arizona.
"The Waymo Driver is now deployed on a variety of vehicle platforms and commercial applications, including Waymo Via, which focuses on all forms of freight delivery," said the company.
Billions of dollars have been spent on developing autonomous cars by companies that have embarked on technology development, but few have reached a stage where they are able to allow the car to operate fully autonomously, which which means that the payment has so far been limited.
Some Waymo cars have started to carry passengers without an emergency driver, but the company has gradually expanded its Waymo One taxi service and there is currently a waiting list.
Alphabet does not disclose Waymo's expenses or revenues, instead classifying them as "other bets", which includes other projects.
Its latest earnings report showed a loss of just over $ 2 billion for this segment in the last quarter of 2019.
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