Waymo just raised $5.6 billion to spread robotaxis to more cities

Waymo has completed a $5.6 billion funding round, its largest investment round to date, which will be used to support its robotaxi business in current markets and expand to new cities. The company plans to bring its robotaxi service to Austin and Atlanta, where its vehicles will be available exclusively on the Uber app. Waymo also hinted at future business applications for its autonomous driving technology, including potential uses in food and package deliveries, trucking, and personally owned autonomous vehicles. The funding round was led by Alphabet, Waymo's parent company, and included investors such as Andreessen Horowitz and Tiger Global. Participants in the round praised Waymo for its technological advancements, commitment to safety, and superior product experience. The funding brings Waymo's total capital raised to $11.1 billion, with Alphabet committing to invest $5 billion in the self-driving unit over several years. Waymo is nearly alone in offering a commercial autonomous vehicle service, with its driverless vehicles having driven over 25 million miles to date. Despite its progress, Waymo is still a money-loser, with Alphabet's "Other Bets" division, which includes Waymo, losing $1.1 billion on operating income in the second quarter of this year. Waymo plans to launch robotaxi operations in Atlanta and Austin in 2025 and is testing routes in San Francisco and Phoenix that use freeways. The company is also testing its vehicles in different weather conditions and complex urban environments in cities such as Buffalo, New York City, and Washington, DC.