In a development that perhaps illustrates the high cost of transforming self-driving technology into a polished product, Waymo said Monday it has raised $2.25 billion in its first external funding round.
Further investment is expected soon.
Waymo CEO John Krafcik said the money is just the initial part of its first funding round, and that more external investments will be made soon.
“We’ve had some additional inbound interest and will be evaluating other future potential external investors as well,” he said.
Waymo did not disclose the valuation of the company. Investment bank Morgan Stanley estimated its value was $105 billion in September 2019. A year earlier, the firm had said Waymo was worth $175 billion, but the cut came amid broader industry headwinds on the readiness of self-driving technology.
More than a decade into developing its self-driving system, Google-backed Waymo has largely been considered a frontrunner in developing and commercializing a self-driving system…