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May 12, 2020 - Economy

Waymo raises another $750 million for self-driving cars

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Image of Waymo's self-driving lineup, including a Pacifica minivan, Jaguar iPace and semi-truck.

Waymo's self-driving lineup. Photo: Waymo

Waymo said Tuesday that it has raised another roughly $750 million for its self-driving technology, expanding the size of its first external investment round to $3 billion.

Why it matters: With the coronavirus pandemic likely to speed consolidation among self-driving tech firms, investors are lining up behind companies they see as the most likely winners.

  • Until early March, when it announced a $2.25 billion financing round, Waymo had been funded entirely by Google and its corporate parent, Alphabet.
  • The latest investors include T. Rowe Price, Perry Creek Capital, Fidelity Management & Research Company, and others.
  • They join Silver Lake, Canada Pension Plan Investment Board, Mubadala Investment Company, Magna International, Andreessen Horowitz and AutoNation, who participated in the March 2 round.

The bottom line: Waymo CEO John Krafcik tells Axios the pandemic has underscored how fully self-driving technology can provide safe and hygienic personal mobility and delivery services.

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