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Waymo Secures an Additional $750 Million from Investors

Waymo is now a renowned leader in creating and augmenting self-driving technology
BY BEx Bureau
BusinessEx
May 22, 2020

Self-driving business of Alphabet, Waymo has lately bagged $750 million in its first round of external investment. With this deal, the company has garnered $3 billion in aggregate to date.

Rowe Price Associates, Perry Creek Capital and Fidelity Management Research were among the investors of the latest financing round, The Economic Times reported citing the company's official statement.

"The outside investors will help Waymo be more disciplined," Ruth Porat, Chief Financial Officer at Alphabet, said in theMorgan Stanley investor conference that was held in March this year.

Earlier in March this year, the company had raised $2.25 billion in the same round, according to the media report.

Waymo was initiated 11 years back as a project within the Internet company, Google. The company is now a renowned leader in creating and augmenting self-driving technology. However, analysts believe that the company and its archrivals are far behind in forming large-scale enterprises across that technology.

"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 are grateful these partners share our mission to make it safe and easy for people and things to get where theyre going," Krafcik added.

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