Waymo raises $5.6 billion to fund Austin and Atlanta expansion

Waymo has raised another huge chunk of change from investors. The company announced on its blog that it secured an “oversubscribed investment round” of $5.6 billion in funding, the largest of which came from Google's parent company Alphabet.

The company is working with Uber to expand to Austin and Atlanta by the early part of next year. Waymo says it plans to use this latest infusion of capital for the expansions. This latest round brings Waymo’s total capital fundraising to $11.1 billion, with the $5.5 billion it picked up in two earlier rounds in 2020 and 2021.

Waymo currently operates in San Francisco, Los Angeles and Phoenix with a curbside transport service for Sky Harbor International Airport through its Waymo One driving system for businesses. The company announced it’s also started offering “fully autonomous freeway operations in Phoenix and San Francisco.”

The new funding will also help Waymo advance its Waymo One system, an adaptable autonomous driving system for different businesses. Waymo wrote on its blog it plans to “support a variety of business applications over time” through Waymo One.

Alphabet ponied up $5 billion for Waymo back in July as part of what Alphabet’s chief financial officer Ruth Porat called a “multi-year investment.” The driverless vehicle fleet logged a total of 25 million miles in July outpacing companies like Uber, which sold its self-driving unit four years ago before joining forces with Waymo.This article originally appeared on Engadget at https://www.engadget.com/transportation/waymo-raises-56-billion-to-fund-austin-and-atlanta-expansion-172031686.html?src=rss