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Waymo Looks Beyond Parent Google For Funding

Alphabet Inc’s (NASDAQ: GOOGL) (NASDAQ: GOOG) self-driving subsidiary Waymo is eyeing raising more funds from outside the parent company and making acquisitions on its own, Bloomberg reported on Friday, citing the company’s co-CEOs.

What Happened: Waymo Co-CEOs Dmitri Dolgov and Tekedra Mawakana told Bloomberg that the company has previously raised funds from outside Alphabet and is open to doing so again. 

The California-based startup, valued at $30 billion, had in March 2020 raised $2.25 billion in its first external investment round — led by Silver Lake, Canada Pension Plan Investment Board, and Mubadala Investment Company — which later expanded to $3.25 billion.

See Also: Alphabet Self-Driving Subsidiary Waymo Raises $2.25B In First External Funding

Dolgov and Mawakana took over from auto industry veteran John Krafcik who led the company for over five years. Krafcik’s departure was announced earlier this month, earlier than planned, and he remains an adviser to Waymo.

Why It Matters: The development comes as Waymo advances on autonomous-driving technology for future ride-hailing and delivery services.

The company started operating its taxi service Waymo One in suburban Phoenix early in 2020 and has since October expanded the service to the public. It is testing autonomous trucks in several states for long-haul and delivery.

Waymo’s rivals have been investing deeply in technology as well, including tech giants such as Inc (NASDAQ: AMZN), Tesla Inc (NASDAQ: TSLA), Lyft Inc (NASDAQ: LYFT). 

Price Action: Alphabet shares closed 1.43% at $2392.76 on Thursday.

See Also: Tesla ‘Not A Competitor At All’ In Self-Driving Space, Says Waymo CEO

Photo: Courtesy of Waymo

© 2021 Benzinga does not provide investment advice. All rights reserved.

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