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Waymo announces additional $ 2.5 billion in funding from its latest investment round

Autonomous ride-sharing startup Waymo has announced an additional $ 2.5 billion investment round in funding. Waymo hires more staff and uses additional funding led by parent company Alphabet Inc. Advance autonomous driving technology For more paid vehicles.

Waymo is Google’s parent company Alphabet, Inc. Launched in 2009 by. Self-driving car project.. In 2016, the Google project was officially renamed Waymo, deriving from “a new advance in mobility.”Since then, Waymo has Various self-driving cars In some states.In addition, it is charging unmanned vehicles for people Chandler, Arizona, 2019 and beyond, COVID-19 Aside from a slight stop during the pandemic.

Recently, Waymo Preparing for a toll ride in San Francisco, Waiting for permission approval from both the California DMV and the Publicnia Public Utilities Commission (CPUC).In that application, Waymo said it has Record over 83,000 autonomous miles In the San Francisco area, the total number of autonomous mileages recorded is much higher.

With today’s funding announcement, Waymo appears to be in a position to start charging for vehicles (and actually raising some income) while waiting for approval in California.

Waymo’s two current autonomous products, the Chrysler Pacifica minivan and the Jaguar I-Pace SUX

Waymo announces additional $ 2.5 billion in funding

Waymo has become the latest self-driving startup to spin in Silicon Valley Money boothThere are a total of $ 2.5 billion in new funding rounds.As reported by Reuters, Investment Alphabet led in addition to other existing shareholders, Is located as the second round of Waymo’s external funding.

Last March, Waymo announced its first external funding round to raise $ 2.25 billion. The round was actually extended to reach $ 3.25 billion by July. With this latest cash inflow, Waymo will provide Warchest with nearly $ 6 billion in capital the day after its rivals. Cruise announces $ 5 billion credit line from GM..

Cruise is also about to launch paid autonomous driving in the San Francisco area, but unlike Waymo, it has already been approved by the CPUC.

Waymo has been delayed due to the COVID-19 pandemic and permits, but overall, the biggest hurdle has been achieved. Safe and reliable self-driving car.. This latest funding shows investors are still confident in the potential for autonomous ride-sharing, but true profitability is still a long way off for companies like Waymo.

However, with the support of conglomerates like Alphabet, Waymo can continue to improve its autonomous technology while working through California and later bureaucracy.

ElectrekTake

The long-standing Silicon Valley strategy of “spending more money” is never old. We’re happy to announce that it’s been less than a day since Cruise advertised its $ 10 billion piggy bank. Obviously, there is competition between two autonomous startups backed by some megacorporations.

Both announcements provide insight into what’s happening with this technology. Both are currently driving unmanned (Cruise remains more “unmanned” than Waymo), but the full-scale rollout of paid vehicles is still a long way off.

So why both companies are building their own nest eggs of corporate cash. Not only does it continue to advance the technology towards successful implementations, but it also appears to live longer than other competitors by not failing.

The dollar has skyrocketed and is relatively unprofitable at this point, but the upside is still significant. Whichever company first cracks the autonomous code, you can be confident that you will get some significant benefits. Wouldn’t it be interesting if Tesla stormed and stole the market? It’s unlikely, yes. However, that scenario turns out to be fatal to Waymo or Cruise, despite how much funding it has.

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https://electrek.co/2021/06/16/waymo-announces-another-2-5-billion-in-funding-from-latest-investment-round/ Waymo announces additional $ 2.5 billion in funding from its latest investment round

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