Waymo, a company in the Alphabet conglomerate, has just raised $ 750 million. This fundraiser comes shortly after that of more than 2 billion dollars obtained in early March of this year. Thus the total investment amounts to the colossal sum of 3 billion dollars.
Among the investors present during this last round, we can cite T. Rowe Price Associates, Perry Creek Capital and Fidelity Management & Research. The very first fundraiser brought together Magna International, AutoNation, the Canada Pension Plan Investment Board, Silver Lake, Andreessen Horowitz, Mubadala Investment and Alphabet, the parent company of Waymo.
Accelerate development and marketing projects
This latest financial contribution will allow the company to continue to develop and gives Alphabet the opportunity to share the costs. Indeed, the subsidiary would cost $ 1 billion to its parent company, but would bring in little profit. The company also says it will speed up its marketing plans.
But it is rumored that the deployment of its autonomous vehicles could take longer than expected. This is also the reason why the valuation of the company by the investment bank Morgan Stanley had been lowered in September 2019, from $ 175 billion to $ 105 billion.
Its corporate standalone taxi service currently operates only in the suburbs of Phoenix, Arizona, a fairly limited area. With the health crisis, having an autonomous vehicle can be an attractive option according to Waymo.
"The COVID-19 crisis underscored how fully autonomous technology can provide safe and hygienic personal mobility and delivery services," Waymo CEO John Krafcik said in a statement.