Waymo has once again raised a large chunk of change from investors. The company secured an “oversubscribed investment round” of $5.6 billion in funding, the largest of which came from Google’s parent company Alphabet.
The company is partnering with Uber to expand early next year. Waymo says it plans to use this latest injection of capital for the expansions. This latest round brings Waymo’s total capital fundraising to $11.1 billion, after raising $5.5 billion in two previous rounds.
Waymo currently operates in San Francisco, Los Angeles and Phoenix with curbside transportation service for Sky Harbor International Airport through the Waymo One corporate ride-hailing system. The company announced it will also offer “fully autonomous highway operations in Phoenix and San Francisco.”
The new funding will also help Waymo further develop its Waymo One system, a customizable autonomous driving system for various companies. Waymo wrote on its blog that it plans to “support a variety of business applications over time” through Waymo One.
Alphabet took action in July as part of what Alphabet Chief Financial Officer Ruth Porat called a “multi-year investment.” In July, the self-driving fleet performed better overall than companies such as Uber, which joined forces with Waymo four years ago.