Tesla rival autonomous vehicle company Waymo recently announced that it has closed $5.6 billion in Series C funding. As hinted in a previous report, Alphabet led this round alongside Andreessen Horowitz (a16z), Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price.
With this round, the total funding raised by Waymo accounts for $11.1 billion. Previously, the company raised $3 billion and $2.5 billion in earlier rounds.
Funds utilisation
The investment will be used to expand its market footprint and launch its robotaxi service in Phoenix, Los Angeles, and San Francisco in 2025. It is claimed that its vehicles will be available exclusively on the Uber app. It will continue to advance the Waymo Driver, its AI-powered autonomous driving system to support a variety of business applications over time.
Waymo is testing different weather conditions and more complex urban environments in Buffalo, New York City, and Washington, DC.
At a time when Waymo has closed its largest investment round to date, here are some interesting facts about the company.
Known as Google’s self-driving car project
This project, now known as Waymo, was launched in 2009 by Anthony Levandowski and Sebastian Thrun as a part of Google X, Alphabet’s moonshot division. Google’s project led the way in developing autonomous vehicle technology, using machine learning, advanced sensor systems, and real-world testing to create one of the most robust self-driving systems.
In 2016, the project evolved into Waymo, a standalone subsidiary of Alphabet. The name Waymo reflects the idea of finding a new way forward in mobility. It aims to create a world where anyone can access safe, affordable self-driving transportation, expanding beyond ride-hailing into autonomous logistics and freight services.
Pioneer in fully autonomous ride-hailing service
Waymo was the first company to launch a fully autonomous ride-hailing service, without safety drivers. Riders experience a completely driverless journey, monitored remotely by Waymo’s operations centre.
In 2015, Steve Mahan, who is legally blind, became the first person in the world to ride in a fully autonomous vehicle with no human driver behind the wheel. He did so on residential streets in Austin, in Waymo’s prototype vehicle- first generation of Waymo Driver.
The Waymo Driver’s perception system takes complex data gathered from its advanced suite of car sensors, and deciphers what’s around it using AI – from pedestrians to cyclists, vehicles to construction, and more. The Waymo Driver also responds to signs and signals, like traffic light colours and temporary stop signs.
Deploys cutting-edge sensors
Waymo’s vehicles use a mix of lidar, radar, and high-resolution cameras to navigate complex environments, detect road signs, and avoid obstacles. The sensors create a 360-degree view of surroundings, while advanced algorithms predict traffic movements in real time, ensuring safety and reliability on city streets and highways.
Commitment to sustainability
By using electric vehicles exclusively in its fleet, Waymo contributes to reducing emissions in urban areas. This aligns with its goal to promote environmentally friendly transportation solutions while pioneering autonomous driving technology. Waymo’s model could influence other ride-hailing and automotive companies to adopt electric, autonomous solutions in the future.
Valuable partnerships
The company has entered into strategic partnerships with companies like Jaguar Land Rover, Hyundai, and Uber to enhance its self-driving capabilities and expand its reach. Its collaboration with Jaguar and Hyundai brings electric SUVs, like the I-PACE and IONIQ 5, into Waymo’s fleet, supporting sustainable growth.
Partnering with Uber in Phoenix allows Waymo to leverage Uber’s extensive network, broadening access to its driverless taxis.
The company faces significant competition in the autonomous driving industry, with rivals like Cruise (GM), Tesla, and Amazon’s Zoox.
“Customers love Waymo. The company has built the safest product in the autonomous vehicle ecosystem as well as the best,” said Chase Coleman, Founder of Tiger Global. “Their proven experience fostering rider loyalty, securing key partnerships, and collaborating with automotive industry leaders demonstrates their ability to balance ambitious goals with responsible execution, positioning them as the enduring leader in the space.”
“While AI is only just beginning to capture the public imagination, Waymo has been working to bring its endless possibilities to the world of physical transportation for years,” said Egon Durban, Co-CEO, Silver Lake. “The Waymo Driver leads in earning trust by safely actualizing the value and potential of AI through cutting-edge research, practical solutions, and a vastly expanding scope and scale of real world experience.”
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