Waymo, the self-driving unit of Alphabet Inc , said on Monday it had raised $2.2...
), said on Monday it had raised $2.25 billion in its first external investment round and expects to add more outside investors.
FILE PHOTO: A Waymo self-driving vehicle is parked outside the Alphabet company's offices where its been testing autonomous vehicles in Chandler, Arizona, U.S., March 21, 2018. REUTERS/Heather Somerville/File PhotoFounded 11 years ago as a small project inside Google, Waymo is now widely considered the leader in developing self-driving technology. But Waymo and its principal rivals are still years away from building large-scale businesses around that technology, analysts believe.
The outside investors will help Waymo be more disciplined, Alphabet Chief Financial Officer Ruth Porat told the Morgan Stanley investor conference on Monday. Waymo Chief Executive Officer John Krafcik, in a media briefing late on Monday, declined to confirm whether Alphabet plans to sell or spin off Waymo, saying it was “certainly a possibility for the future.”
Krafcik described the outside investment as part of “an evolutionary path that we had always imagined” that could lead to “more independence” for Waymo.In addition to Alphabet, initial investors include auto parts supplier Magna International Inc (
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