Waymo has passed over $5 billion in investment so far after securing a $2.5 billion round from a string of high-profile financial institutions.
Alongside participation from its parent organization, Google umbrella company Alphabet, Andreessen Horowitz, AutoNation, Canada Pension Plan Investment Board, Fidelity Management & Research Company, Magna International, Mubadala Investment Company, Perry Creek Capital and Silver Lake are all involved in the latest round.
The new investment follows a $2.25 billion deal in March 2020 and a top-up round of $750 million just three months later.
It also comes after the departure of CEO John Krafcik in April this year. The business is now headed by Tekedra Mawakana and Dmitri Dolgov as co-CEOs, formerly Waymo's chief technology and chief operating officers respectively.
The company says: "As we build, deploy, and commercialize the Waymo Driver, it’s gratifying to see so much interest in being part of our journey to transform mobility, making it safer, more accessible, and more sustainable along the way."
Until the March 2020 round, Waymo had been bankrolled solely by the parent company but the strategy has since developed to treat the business as a standalone business with support from external backers.
Autonomous vehicles have been deployed in the U.S. city of Phoenix as a ride-hailing service, with freight and delivery units have been set up with the likes of UPS elsewhere.
The co-CEOs say in a statement: "With tens of millions of miles driven on public roads across 25 U.S. cities, and tens of billions of miles driven in simulation, our experience has shown us, and our investors, the massive opportunity ahead. We’re building and deploying the Waymo Driver to serve riders, deliver parcels, move freight, and eventually, to empower personal car ownership."