Alphabet's Waymo closes $5.6 billion funding to expand autonomous ride-hailing service
Alphabet's self-driving unit, Waymo, said on Friday it had closed a $5.6 billion funding round led by the Google parent, as it looks to expand its autonomous ride-hailing service.
Automakers and technology companies are investing in autonomous ride-hailing services to capitalize on the technology to drive commercial success, even as it faces widespread skepticism and tight regulatory scrutiny.
The investment round also saw participation from existing investors including Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price, Waymo said.
«With this latest investment, we will continue to welcome more riders into our Waymo One ride-hailing service in San Francisco, Phoenix, and Los Angeles, and in Austin and Atlanta through our expanded partnership with Uber,» the company said.
Alphabet had planned a $5 billion investment in Waymo over a multi-year period, finance chief Ruth Porat said in July.
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