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Alphabet Self-Driving Subsidiary Waymo Raises $2.25B In First External Funding

Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) subsidiary Waymo has raised $2.25 billion in its first external investment round, it announced Monday.What Happened The startup developing self-driving technology said that the funding round was led by Silver Lake, Canada Pension Plan Investment Board, and Mubadala Investment Company.Other participants included Magna International (NYSE: MGA), Andreessen Horowitz, and AutoNation Inc. (NYSE: AN). Parent company Alphabet also participated in the round, Waymo said.AutoNation told Reuters it contributed $50 million to the funding round. The breakdown of the rest of the investment couldn't be immediately ascertained.With this injection of capital and business acumen, alongside Alphabet, we'll deepen our investment in our people, our technology, and our operations, all in support of the deployment of the Waymo Driver around the world," Waymo CEO John Krafcik said in a statement.Why It Matters The Google shoot-off that later became a stand-alone business under Alphabet has been aggressively expanding for over a year.Waymo started pulling safety drivers out of its self-driving ridesharing service Waymo One in Arizona last October. With its new Waymo Via service, the Tesla Inc. competitor intends to capture the goods delivery sector.The California-based company has announced a host of partnerships over the last year as well, including with ride-hailing company LYFT Inc. (NASDAQ: NYFT) and goods delivery firm United Parcel Service Inc. (NYSE: UPS).Waymo also partnered with the alliance of Nissan Motor Co. Ltd. (OTC: NSANY), Mitsubishi Corp. (OTC: MSBHY), and Renault S.A. (OTC: RNSDF) in Japan and France.Price Action Alphabet's Class A shares closed 3.51% higher at $1,386.32 on Monday and traded slightly lower at $1,383.99 in the after-hours session.Alphabet's Class C shares closed 3.72% higher at $1,389.11 and traded another 0.2% higher in the after-hours session at $1,392.15.Photo Credit: Courtesy of Waymo.See more from Benzinga * Ethereum-Based Decentralized Exchanges Reach All-Time High Volume * Amazon Confirms Two Cases Of Coronavirus Among Employees * Samsung Starts Work On 0M R&D Center In Vietnam(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. Read More...

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) subsidiary Waymo has raised $2.25 billion in its first external investment round, it announced Monday.” data-reactid=”19″>Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) subsidiary Waymo has raised $2.25 billion in its first external investment round, it announced Monday.

What Happened

The startup developing self-driving technology said that the funding round was led by Silver Lake, Canada Pension Plan Investment Board, and Mubadala Investment Company.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Other participants included Magna International (NYSE: MGA), Andreessen Horowitz, and AutoNation Inc. (NYSE: AN). Parent company Alphabet also participated in the round, Waymo said.” data-reactid=”22″>Other participants included Magna International (NYSE: MGA), Andreessen Horowitz, and AutoNation Inc. (NYSE: AN). Parent company Alphabet also participated in the round, Waymo said.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="AutoNation told Reuters it contributed $50 million to the funding round. The breakdown of the rest of the investment couldn’t be immediately ascertained.” data-reactid=”23″>AutoNation told Reuters it contributed $50 million to the funding round. The breakdown of the rest of the investment couldn’t be immediately ascertained.

With this injection of capital and business acumen, alongside Alphabet, we’ll deepen our investment in our people, our technology, and our operations, all in support of the deployment of the Waymo Driver around the world,” Waymo CEO John Krafcik said in a statement.

Why It Matters

The Google shoot-off that later became a stand-alone business under Alphabet has been aggressively expanding for over a year.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Waymo started pulling&nbsp;safety drivers out of its self-driving ridesharing service Waymo One in Arizona last October. With its new Waymo Via service, the Tesla Inc. competitor intends to capture the goods delivery sector.” data-reactid=”27″>Waymo started pulling safety drivers out of its self-driving ridesharing service Waymo One in Arizona last October. With its new Waymo Via service, the Tesla Inc. competitor intends to capture the goods delivery sector.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The California-based company has announced a host of partnerships over the last year as well, including with ride-hailing company LYFT Inc. (NASDAQ: NYFT) and goods delivery firm United Parcel Service Inc. (NYSE: UPS).” data-reactid=”28″>The California-based company has announced a host of partnerships over the last year as well, including with ride-hailing company LYFT Inc. (NASDAQ: NYFT) and goods delivery firm United Parcel Service Inc. (NYSE: UPS).

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Waymo also partnered with the alliance of Nissan Motor Co. Ltd. (OTC: NSANY), Mitsubishi Corp. (OTC: MSBHY), and Renault S.A. (OTC: RNSDF) in Japan and France.” data-reactid=”29″>Waymo also partnered with the alliance of Nissan Motor Co. Ltd. (OTC: NSANY), Mitsubishi Corp. (OTC: MSBHY), and Renault S.A. (OTC: RNSDF) in Japan and France.

Price Action

Alphabet’s Class A shares closed 3.51% higher at $1,386.32 on Monday and traded slightly lower at $1,383.99 in the after-hours session.

Alphabet’s Class C shares closed 3.72% higher at $1,389.11 and traded another 0.2% higher in the after-hours session at $1,392.15.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Photo Credit: Courtesy of Waymo.” data-reactid=”33″>Photo Credit: Courtesy of Waymo.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="See more from Benzinga” data-reactid=”34″>See more from Benzinga

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”39″>© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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