Alphabet’s Waymo raises $2.25 billion for driverless car effort
Waymo raised $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.
Silver Lake Management LLC, a private equity firm, led the round, which also includes auto manufacturer Magna International Inc., car seller AutoNation Inc. and Abu Dhabi’s Mubadala Investment Co.
“We’ve always approached our mission as a team sport,” John Krafcik, Waymo’s chief executive officer, said in a blog post announcing the news.
The deal helps Google parent Alphabet spread the cost of funding Waymo as the unit pushes ahead to commercialize its autonomous driving technology.
Alphabet’s “Other Bets” division, which includes Waymo, has absorbed billions of dollars in losses in recent years. Other businesses that are part of this division have taken outside funding, too. Early last year, Verily, the company’s biotech arm, raised money from Silver Lake and other backers.