Waymo, a US-based autonomous taxi service provider, received a $5.6 billion investment.
Waymo, which operates autonomous vehicles in San Francisco, Los Angeles and Phoenix, plans to expand to cities like Atlanta and Austin with the new investment.
This round of investment included well-known investors such as Andreessen Horowitz, Silver Lake, Fidelity, Tiger Global, Perry Creek and T. Rowe Price within the Series C led by parent company Alphabet.
Waymo's goal is to create a safe and accessible transportation system. The company provides an autonomous driving experience with high-tech sensors, artificial intelligence and machine learning algorithms. The company, which provides an autonomous taxi service through its app called Waymo One, announced a partnership with Hyundai Motor in recent weeks.
Waymo plans to expand its fleet of 700 vehicles by the end of 2025 with Hyundai IONIQ 5 SUV models. The company made more than 100,000 paid trips in San Francisco, Los Angeles and Phoenix in the last three months.
With the investment, Waymo aims to further improve its autonomous technology, expand the number of cities it serves and enter new markets.
Waymo is an autonomous driving technology company within Google's parent company, Alphabet. It started as Google's autonomous car project in 2009 and later became an independent company. Waymo develops self-driving vehicles and provides safe autonomous taxi services through artificial intelligence and high-tech sensors. The company operates in cities such as San Francisco, Los Angeles and Phoenix.
