Waymo, the Alphabet subsidiary which specializes in autonomous driving and robotaxis, has just completed a funding round worth $5.6 billion. An operation which confirms its status as leader in a sector which is still struggling to find its feet.
Waymo, undisputed leader for the moment
Tesla’s Cybercab had better watch out because, for the moment, it is indeed Google’s sister company which is dominating the debates. Recently, it even expanded the coverage areas of Waymo One, its autonomous transportation service, to San Francisco, Los Angeles and Phoenix.
Better yet, it now operates fully autonomously on the highways of Phoenix and San Francisco. The company makes more than 100,000 trips per week, 10 times more than last year. A success that it also owes to its partnership with Uber, which allows users to order an autonomous taxi directly from the flagship application.
“ Customers love Waymo. The company has not only built the safest product in the autonomous vehicle ecosystem, but also the best. Their proven track record of building customer loyalty, securing key partnerships and working with automotive industry leaders demonstrates their ability to balance ambitious goals with responsible execution, positioning them as the sustainable leader in space », Confides Chase Coleman, founder of Tiger Global, an investment company which participated in the latest fundraising.
Led, unsurprisingly, by Alphabet, the round also brought together other venture capital leaders such as Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake and T. Rowe Price. The transaction brings the total capital raised by Waymo to $11.1 billion. Alphabet Chief Financial Officer Ruth Porat indicated earlier this year that the company would invest $5 billion in its autonomous driving unit over several years.
Arrival in two additional cities
Waymo took the opportunity to announce the arrival of its vehicles in Austin and Atlanta via its collaboration with Uber. If the company also has international ambitions, it remains very discreet on this subject for the moment. She also cited future “ commercial applications » for Waymo Driver, its autonomous driving software.
Despite its success, Waymo still struggles to achieve profitability. Alphabet’s Other Bets division, in which it is included, recorded operating losses of $1.1 billion in the second quarter of 2024. This is even more than in the same period of the year. previous year, when they stood at $813 million.
- Waymo, a subsidiary of Alphabet, has just raised $5.6 billion.
- It takes the opportunity to announce the arrival of its vehicles in two additional American cities, Atlanta and Austin.
- This fundraising confirms Waymo’s status as leader, which is however not yet profitable.