Waymo is close to finalising a $16bn funding round that will more than double the value of Google’s self-driving car business to $110bn, bringing in several new investors as it prepares to expand globally and fend off competition from Elon Musk.
Google’s parent company Alphabet, which incubated the start-up in its X labs, will contribute more than three-quarters of the amount raised, according to four people familiar with the process.
New participants include Silicon Valley venture capital firm Dragoneer and Sequoia Capital, as well as Yuri Milner’s DST Global, the people said. Existing investor Andreessen Horowitz will put in more money and another existing investor, Abu Dhabi’s sovereign fund Mubadala, will contribute hundreds of millions more.