Waymo, Google’s former self-drive project which is now a business unit under Alphabet, said on Wednesday it had raised $ 2.5 billion in its second round of outside funding. The company said in a blog post that it will use the funds to continue to develop Waymo Driver, its autonomous driving platform, and to grow its team.
The cycle saw the participation of existing investors 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 Additional Investor Tiger Global.
The news comes just months after former CEO John Krafcik announced in April that he was stepping down from running the company after five years in the role. The CEO position is now held jointly by Tekedra Mawakana, former COO, and Dmitri Dolgov, who joined the original autonomous driving project at Google and was CTO.
Krafcik led the company in its first round of external investment of $ 2.25 billion in March 2020. This cycle was then extended by $ 700 million a few months later. But Krafcik could be a polarizing figure in the business, as TechCrunch’s Kirsten Korosec noted.
In addition to its commercial ride-sharing service Waymo One, which operates in the Phoenix, Arizona, metropolitan area, the company has continued to expand its Waymo Via trucking and freight service. Earlier this month, Waymo announced it was entering a “test” with JB Hunt for transportation services between Houston and Fort Worth.