Waymo Seeks $16B Funding at $110B Valuation

Got story updates? Submit your updates here. ›

Alphabet's autonomous driving subsidiary Waymo is reportedly seeking to raise around $16 billion in a new financing round that would value the company at nearly $110 billion, according to Bloomberg. The majority of the funding would come from Alphabet itself, with additional investments from venture capital firms like Sequoia Capital, DST Global, and Dragoneer Investment Group.

Why it matters

This move underscores the intensifying competition in the autonomous vehicle space, as leading players like Waymo invest heavily to refine their technology, improve safety, and expand their commercial services. The funding would provide Waymo with significant resources to accelerate its efforts to bring fully driverless vehicles to market.

The details

According to the Bloomberg report, Waymo is aiming to raise around $16 billion in this latest funding round. Alphabet would contribute about $13 billion, with the remaining funds coming from outside investors including Sequoia Capital, DST Global, and Dragoneer Investment Group. The nearly $110 billion valuation would mark a significant increase from Waymo's previous valuation, which was reported to be at least $100 billion as of late 2022.

• Waymo was carved out of Google's self-driving car project in 2016.
• In December 2022, The Information reported Waymo was in talks to raise money at a valuation of at least $100 billion.

What’s next

Waymo and Alphabet have not yet confirmed the details of the reported funding round. If the deal is finalized, the $16 billion in new capital would provide Waymo with significant resources to continue developing and deploying its autonomous vehicle technology.