Waymo, Alphabet’s autonomous vehicle division, has received it’s first external capital infusion from a small and significant group of investors.
On March 2, 2020, Waymo announced that it secured US$2.25 billion in financing from Silver Lake, Canada Pension Plan Investment Board, and Mubadala Investment Company (the sovereign wealth fund of Abu Dhabi), as well as auto parts supplier Magna International, Andreessen Horowitz, auto retail giant AutoNation, and it’s parent company, Alphabet.
Representatives of Silver Lake and the Canadian Pension Fund will join Waymo’s board as part of the investment.
The investors are sending a strong signal that they have confidence in Waymo leading the race to bring automated vehicles to market.
The deal valued Waymo at more than $30bn, according to people familiar with the transactions. That valuation, which has not previously been reported, makes Waymo worth considerably more than the $19bn assessment for SoftBank-backed Cruise, the autonomous vehicle unit of General Motors.
More » Axios
Updated March 6, 2020
Meanwhile » Robb Report »
The future of self-driving cars is on shaky footing, and the market is starting to take note. Waymo, once valued at nearly $200 billion only 18 months ago, has just been reevaluated at $30 billion.
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