- In late October, Waymo secured $5.6 billion in new funding, valuing the company at over $45 billion.
- The funding will support fleet expansion, including the addition of Hyundai Ioniq 5 EVs to the lineup.
- The Google-owned company plans to launch a ride-hailing partnership with Uber in Austin and Atlanta starting next year.
The autonomous driving unit of Alphabet is testing its fleet of self-driving robotaxis in just a handful of cities but after recent investments, it’s now valued at more than $45 billion. To put that into perspective, the entire VW Group has a market cap of €48 billion (~$52 billion), and Ford has a market cap of $40 billion. Yep, Waymo is now just as valuable as them.
Last week Waymo announced it had raised $5.6 billion in new capital at an undisclosed value. The financing round was led by none other than Alphabet itself but also included investments from Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price. These investors and the technology giant still see a bright future for robotaxis, despite several high-profile incidents and the ongoing struggles being endured by GM-owned Cruise, a key competitor to Waymo.
Read: Waymo’s Robotaxis Locked In Midnight Honk Wars, Driving Residents Crazy
The new $5.6 billion cash injection isn’t the only significant investment Waymo recently received. In late July, Alphabet pumped another $5 billion into the company intending to distribute it over several years.
Waymo will use the latest investment to continue to develop and improve its advanced AI-powered autonomous driving system and grow the Waymo One ride-hailing service. Waymo operates in cities including San Francisco, Los Angeles, and Phoenix, and provides over 100,000 paid trips weekly to users. It will also roll out a ride-hailing service in partnership with Uber next year across Austin and Atlanta.
“Customers love Waymo,” founder of Tiger Global Chase Coleman said. “The company has built the safest product in the autonomous vehicle ecosystem as well as the best. 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.”
In October, Waymo announced it had secured a multi-year, strategic partnership with Hyundai that will see the Ioniq 5 added to the Waymo One fleet.
