Google-parent Alphabet is going all-in on autonomous vehicles, committing up to $5 billion to fund its Waymo unit as the startup continues to test its driverless cars across the US.
“I’m really pleased with the progress Waymo is making, a real leader in the space and getting rave reviews from users,” Google CEO Sundar Pichai said during a second-quarter earnings call Tuesday afternoon. “This new round of funding, which is consistent with recent annual investment levels, will enable Waymo to continue to build the world’s leading autonomous driving technology company,” Pichai said later in the call.
According to Quartz, the new cash comes after the 15-year-old company hit a number of milestones and began expanding its self-driving testing earlier this year. Waymo has served more than 2 million trips and driven more than 20 fully autonomous miles on public roads, according to Google.
In May, Waymo said it would begin testing fully autonomous rides on city streets north of San Mateo, California, after receiving permission from regulators a few months prior. The company is also working on expanding its service across the rest of the San Francisco Peninsula.
In March, Waymo began offering driverless robotaxis services in Los Angeles and providing those services for employees in Austin, Texas. Then, in June, the firm terminated its waitlist for rides in San Francisco, where it has been testing vehicles for almost three years. Waymo also offers rides in Phoenix, where it has offered driverless rides without a waitlist since 2020.
“We are grateful for their immense vote of confidence in our team and recognizing the amazing progress we’ve made with our technology, product, and commercialization efforts,” Waymo Co-CEO Tekedra N Mawakana wrote on social media Tuesday, praising her team. Co-CEO Dmitri Dolgov echoed her sentiments, writing that the funding is a “testament to the milestones we’ve reached together” and thanking riders and employees.
