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Waymo announces $2.5bn investment round

By Caoimhe Toman

Date: Wednesday 16 Jun 2021

Waymo announces $2.5bn investment round

(Sharecast News) - Alphabet owned Waymo announced a $2.5bn investment round Wednesday, which will go toward advancing its autonomous driving technology and growing its team.
The latest round includes funding from Waymo parent company Alphabet, Andreessen Horowitz, AutoNation, Canada Pension Plan Investment Board, Fidelity Management & Research Company, Magna International, Mubadala Investment Company, Perry Creek Capital, Silver Lake, funds and accounts advised by T. Rowe Price Associates, Inc., Temasek, and Tiger Global.

The funding round followed the departure of Waymo CEO John Krafcik in April.

Currently, the company still largely relies on human drivers to ensure safety and will use the investment to try to further develop fully-autonomous vehicles.

Waymo has already deployed its autonomous vehicles in Phoenix as a ride-hailing service.

Critics argued that the company was moving slower than expected toward commercialization of its technology, still losing money and overly reliant on exterior investment.

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