Please ensure Javascript is enabled for purposes of website accessibility

Waymo Drives an Additional $750 million in Funding

By Daniel Miller – May 13, 2020 at 9:54AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The move extends its first external investment round to $3 billion.

Alphabet's (GOOGL -1.40%) (GOOG -1.39%) self-driving vehicle business, Waymo, took a step to bolster its liquidity by raising an additional $750 million as an extension of its first external investment round of $2.25 billion, for a total of $3 billion.

The additional funding will enable the company to continue investing in its workforce, technology, and innovation, and weather the economic slowdown driven by COVID-19.

Waymo self-driving minivan

Image source: Waymo.

"Waymo is the proven leader in self-driving technology, is the only autonomous vehicle company with a public ride-hailing service, and is successfully scaling its fully driverless experience," said Egon Durban, Co-CEO of Silver Lake and nominee for Waymo's Operating Board, in a press release.

The additional fundraising serves as a signal that while COVID-19 might be slowing down some smart mobility and autonomous vehicle development across the hard-hit automotive industry, it won't be slowing Waymo. The Waymo Driver has compiled more than 20 million miles on public roads across 25 cities, and a staggering 10 billion miles in simulation. The company's Detroit factory is the world's first dedicated to mass production of Level 4 autonomous vehicles. While weathering COVID-19 and its negative economic impacts is a focus, it's equally clear the company is aiming to become the most well-known and capable public self-driving ride-hailing service.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Daniel Miller has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares) and Alphabet (C shares). The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Alphabet Inc. Stock Quote
Alphabet Inc.
$98.74 (-1.40%) $-1.40
Alphabet Inc. Stock Quote
Alphabet Inc.
$99.17 (-1.39%) $-1.40

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 09/24/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.