"Robotaxi pioneer Waymo has raised another $16 billion to help fuel its ambition for its fleet of self-driving cars to provide rides throughout the world while other deep-pocketed rival services backed by Tesla and Amazon try to catch up. The fundraising announced Monday values Waymo at $126 billion. RELATED: Waymo probed after robotaxi hit child near California elementary school The appraisal underscores investors' desire to own a piece of the rapidly expanding robotaxi market,"
"Analysts had estimated Waymo was worth about $30 billion just five years ago after a flurry of fundraising. The new valuation may feed recurring speculation that Waymo will eventually pursue an initial public offering as part of a spinoff from corporate parent Alphabet Inc, which also owns Google. Alphabet, which boasts a market value of nearly $4.2 trillion, led the fundraising that also included an array of prominent venture capitalists and investment funds."
"In a blog post, Waymo said it plans to use the the money to extend its reach beyond the six metropolitan areas where its robotaxis already give rides in California, Arizona, Georgia, Texas and Florida. It's gearing up to enter more than 20 other cities, including London and Tokyo. Waymo's robotaxis already provide more than 400,000 weekly rides. We are positioned to move forward with unprecedented velocity, while maintaining our industry-leading safety standards, Waymo said in the post."
Waymo secured $16 billion in funding, bringing its valuation to $126 billion and signaling strong investor interest in the robotaxi market. The company originated within Google 17 years ago and was estimated at about $30 billion five years ago. Alphabet led the latest financing alongside venture capital and investment funds. Waymo intends to use the proceeds to expand beyond six metropolitan areas into more than 20 additional cities, including London and Tokyo. Its robotaxis already deliver over 400,000 weekly rides, and the company emphasizes maintaining safety standards amid incidents that prompted backlash and regulatory inquiries.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]