Venture

Waymo Banks Another $750M 

Waymo has raised an additional $750 million, bringing its first external fundraising round to $3 billion, the company announced this week.

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The Mountain View, California-based company, which began as the Google Self-Driving Car Project more than a decade ago, announced its first external round in March. Waymo initially raised $2.25 billion, with Silver Lake, Canada Pension Plan Investment Board and Mubadala Investment Company leading the round.

“COVID-19 has underscored how fully self-driving technology can provide safe and hygienic personal mobility and delivery services,” Waymo CEO John Krafcik said in a blog post announcing the extension. “We’re grateful these partners share our mission to make it safe and easy for people and things to get where they’re going.”

The funding will be used to invest in the Waymo team, technology and its Waymo One and Waymo Via operations, the company said. Waymo’s backers now include T. Rowe Price Associates, Perry Creek Capital and Fidelity Management and Research Company.

Last week, the company announced that it would be resuming its driving operations in metro Phoenix this week. The company had paused driving around the Phoenix area in March in response to COVID-19.

Waymo said it was following guidance from the Centers for Disease Control, state and local authorities. The company will be implementing social distancing guidelines in its facilities, personal health and safety training, health monitoring, and more cleaning and disinfection of vehicles.

“We’re taking a thoughtful and measured approach towards bringing our driving operations back on the road,” the company said in a statement. “We’ll begin driving in other cities in the days and weeks to come, including San Francisco, Detroit, and Los Angeles, and the resumption of our driving operations in these locations will similarly be guided by ensuring the safety and health of our team in line with CDC and state and local guidance.”

Illustration Credit: Li-Anne Dias

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