Waymo Secures $5.6 Billion in Series C Funding to Expand Autonomous Taxi Service to New Cities
Autonomous vehicle pioneer Waymo has raised $5.6 billion in its latest Series C funding round, led by Alphabet with contributions from top-tier investors including Andreessen Horowitz, Silver Lake, Fidelity, Tiger Global, Perry Creek, and T. Rowe Price. The substantial funding will fuel Waymo’s ambitious plans to expand its autonomous taxi services beyond San Francisco, Los Angeles, and Phoenix into Atlanta and Austin.
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Waymo’s Mission and Technological Edge
With a vision for safe, accessible transportation, Waymo leverages advanced sensors, AI, and machine learning algorithms to deliver autonomous driving experiences via its Waymo One app. Recently, Waymo announced a partnership with Hyundai Motor to integrate IONIQ 5 SUVs into its fleet, expected to bring the total to 700 vehicles by late 2025.
“Customers love Waymo. The company has built the safest product in the autonomous vehicle ecosystem as well as the best,” said Chase Coleman, Founder of Tiger Global. “Their proven experience fostering rider loyalty, securing key partnerships, and collaborating with automotive industry leaders demonstrates their ability to balance ambitious goals with responsible execution, positioning them as the enduring leader in the space.”
“While AI is only just beginning to capture the public imagination, Waymo has been working to bring its endless possibilities to the world of physical transportation for years,” said Egon Durban, Co-CEO, Silver Lake. “The Waymo Driver leads in earning trust by safely actualizing the value and potential of AI through cutting-edge research, practical solutions, and a vastly expanding scope and scale of real world experience.”
Expansion and Growing Impact
Currently, Waymo has completed over 100,000 paid trips across its service areas in just three months, indicating strong demand and rapid growth. With Atlanta and Austin next in line, Waymo aims to significantly boost its R&D into autonomous capabilities, positioning the company as a leader in the autonomous ride-hailing sector.
As Waymo prepares for this expansion, the fresh capital will enable the company to scale operations and increase the accessibility of autonomous rides in more regions, furthering its mission to revolutionize urban mobility.
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Waymo said: “Every step of the way, we remain dedicated to earning the trust of our riders and communities in which we drive. To foster transparency and understanding, we recently launched a safety impact hub offering insights into how the Waymo Driver enhances road safety. This complements our regularly published papers detailing our increasingly impressive safety record, which demonstrate the Waymo Driver’s positive impact on road safety in the cities where we operate. We’re just getting started on our mission to become the world’s most trusted driver – join us.”
