Waymo raises $2.25 billion in first external round

March 03, 2020
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Magna joins a group of financial firms participating in Waymo's first external funding round, which serves as yet another reminder that AV development is wildly capital-intensive (similar to other nonsoftware projects from X like Makani). Last year saw similar billion-dollar investments (or more) into Uber ATG, Cruise, Argo AI, and Aptiv. Although there is high contrast between these massive investments and the slow progress of development, clients should remember that slow and expensive development was already expected. This announcement comes just after some small steps in shuttling riders without a safety driver, suggesting upward momentum with this investment rather than signaling any major equity trade-off.

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