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.
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.
Price Action: Alphabet shares closed 1.43% at $2392.76 on Thursday.
Photo: Courtesy of Waymo
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