The deal helps Google's parent company to spread funding costs as it pushes to commercialise autonomous driving. FMTNews Waymo
SAN FRANCISCO: Waymo raised US$2.25 billion from a slate of private equity investors, venture capitalists and automotive companies, the first time Alphabet Inc’s autonomous vehicle unit has taken outside funds.
The deal helps Google parent Alphabet spread the cost of funding Waymo as the unit pushes ahead to commercialise its autonomous driving technology. Alphabet’s “Other Bets” division, which includes Waymo, has absorbed billions of dollars in losses in recent years. Krafcik said Waymo wants to expand its driverless fleet to new locations, mentioning the Middle East as one possibility, but he declined to share details. He also didn’t disclose Waymo’s new valuation from Monday’s deal.
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