For those of you who like to fantasize about being driven around in cars with no drivers at all, then congratulations for it seems that Waymo, Alphabet’s self-driving vehicle division, is one step closer to making that fantasy into a reality!
On Friday, the company said that it had raised $5.6 Billion in a round of funding. Yes the trend was actually set right, with investors coming ready to invest in this idea of a futuristic transport system and ready to go beyond the target of funding needed.
Who’s In On This?
The giants in the investing environment turned up for this round. Some of the names well known in the list included: Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price. And, of course, Alphabet Inc. (that’s the official Google’s parent company).
You might be wondering about the company’s capability to invest huge money on the right technologies; on the other hand, you may be wondering about what Waymo does with all that confirming money?
Actually, Waymo has just one strategy quite clear – they want their robo taxi service to expand in other cities. Currently, they are providing Self-Driving Rides in San Francisco, Phoenix and Los Angeles . This latest funding will enable them to add even more passengers in these cities. But why wouldn’t they stop there? Immediately after that, the duo targets Austin and Atlanta for robotaxi deployment in 2025 via a new deal with Uber.
Waymo is also going to invest some of that cash into refining its autonomous driving technology. Thus, the technology that would let these cars drive by themselves will become even smarter.
Why Does This Matter?
So, it is not just a car company that has been founded by some millionaires to build a hundred ordinary cars but Waymo is a different kind of car company altogether. It uses a fleet of electric cars all customized and adapted for self-driving. Many people are enjoying it! They are presently providing more than 100000 rides per week.
It also is not Waymo’s first time in a big investment moment either. It was only last July that Alphabet announced it plans on spending $5bn over several years to ensure Waymo remains competitive in the self-driving car business.
Top in The Race
That is why the focus of self-driving cars is intense and cut-throat. This has made Waymo one of the front runners of self-driving technology in the United states. But they have had some very serious competitors too. Cruise, a division of General Motors, was until recently in a tit-for-tat competition with Waymo until one of Cruise’s robotaxis crashed in San Francisco last year. That incident triggered more stringent laws and Crucial’s co-founder, and CEO Kyle Vogt’s resignation.
Despite the hitches, it is now looking to get back on the road before year end. This is despite the hitches which the Company felt along the way. Automotive giant, General Motors through its CEO, Mary Barra took a break with the project but recently indicated readiness to get back on track with its driverless fleet.
The Road Ahead
This $5.6 billion cash injection means Waymo is speeding forward to grow the robotaxi arm and enhance its tech. It is no longer a rare occurrence to see Waymo’s self-driving cars take passengers through sunny Phoenix cities or through the hilly city of San Francisco. And if everything will be ok, soon such cities as Austin and Atlanta will be able to try this futuristic service as well.
And while we are yet to see borrowing cars, just to get to the event, flying there is not that bad; as long as we have the robotaxis. Waymo seems determined to make sure that the future of transportation looks something like this: climb in, inform the car of the desired destination then just relax and watch the show.
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