Waymo the connected car adventure by Google’s parent company, Alphabet announced on Monday that it has raised 2.25 billion in a seed funding initiative. It is even more upbeat on raising an undisclosed amount in funds as the company looks to upgrade its business down the line.
The funding was led by private equity firm Silver Lake Partner, the Canada Pension Plan Investment Board and the Mubadala Investment Company, the autonomous wealth fund of the United Arab Emirates.
The other venture capitalists included Andreessen Horowitz, auto parts supplier Magna and auto retailer AutoNation (AN). Alphabet also made substantial investments in this round. Waymo did not reveal the investment profile of the company at this stage. The Company CEO in a candid statement added that this round of investment will help the company to chart growth by adding significant business entities.
A large project such as this will require more than imagined funds that raises the bar even for an established company such as Alphabet also. Cruise the self-driving arm of General Motors (GM) has raised 7.25 billion from GM and outside investors that goes to show the investments needed to fund a technology of this exorbitant magnitude.
With the infusion of funds in this project, it is one way of galvanizing support and thicken our investments in aid of the driverless car Waymo across the world.
Advocates of self-driving vehicles are quite enthused over this project and have to say that these vehicles will contribute to an accident-free road considerably.