For a while, it seemed like self-driving cars were going to be the next big thing. Things on that front have quieted down a bit, but that doesn’t mean the tech is dead. In fact, Waymo wants to expand its business by bringing its robotaxi to global markets.
Raising $16 billion in investment round
Waymo has announced a $16 billion funding round that would help bring its robotaxi business not just to more US cities but to global markets as well. According to the company, they also managed to draw in new investors.
The round was led by Dragoneer Investment Group, DST Global, and Sequoia Capital. It also includes investments from Andreessen Horowitz and Mubadala Capital as well as Bessemer Venture Partners, Silver Lake, Tiger Global, and T. Rowe Price. Additional investors included BDT & MSD Partners, CapitalG, Fidelity Management & Research Company, GV, Kleiner Perkins, Perry Creek Capital, and Temasek.
So, what does this mean for the company? With the latest $16b funding round, Waymo wants to use some of that money to buy more vehicles and grow its fleet. It also wants to expand to at least 20 new cities in the US and expand to other parts of the world. We’re talking about London and Tokyo.
Challenges are abound
That being said, there is a reason why self-driving tech hasn’t exactly taken off in a big way yet. Waymo’s initial promise was that its self-driving robotaxis would bring down costs by getting rid of driver jobs. Maybe this will pan out in the long run, but for now, it is a costly exercise.
For starters, Waymo needs to buy these vehicles. They also need to install a host of sensors and computers in each of its cars. These are critical components that would help the car “see” and drive by itself. Then, while drivers themselves might be eliminated, they are replaced by human remote operators. Then there is the cost of charging, cleaning, and maintenance.
We shouldn’t forget about the safety aspect as well. In theory, self-driving cars should be safer. By right, computers should be able to see and react faster than us humans. However, it was just that a Waymo robotaxi accidentally hit a child near an elementary school in Santa Monica, California.
This has led to the National Highway Traffic Safety Administration launching an investigation. There are a lot of safety and regulatory hurdles to overcome before self-driving vehicles become the new standard. But for now, Waymo is trying to lead the charge.
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