Waymo, the self driving car company owned by Alphabet, is close to completing a new funding round worth about 16 billion dollars, which would value the company at 110 billion dollars, according to the Financial Times. Most of the funding is expected to come from Alphabet, Waymo’s parent company, where the firm originally started as part of its experimental technology unit.
The report said Waymo is also bringing in new investors including Dragoneer, Sequoia Capital and DST Global, while existing investors such as Andreessen Horowitz and Abu Dhabi sovereign wealth fund Mubadala are also taking part. When asked about the funding, a Waymo spokesperson declined to comment on private financial details but said the company remains focused on safety, strong operations and meeting growing demand for autonomous transport.
Waymo has recorded rapid growth in recent years, completing more than 20 million self driving trips and expanding its services to new cities, including a recent launch in Miami. However, the expansion has not been without challenges, as some of its robotaxis were reported to have stalled at traffic lights during a major power outage in San Francisco.
According to the Financial Times, Waymo currently earns over 350 million dollars in annual recurring revenue. The company last raised funds in 2024 through a 5.6 billion dollar Series C round, which valued it at 45 billion dollars. The latest funding move highlights strong investor confidence in autonomous driving, despite the technical and operational hurdles facing the sector.