(Reuters) - Waymo, the self-driving unit of Alphabet Inc (O:GOOGL), said on Tuesday it raised an additional $750 million in its first external investment round, bringing the total funding to $3 billion.
T. Rowe Price Associates Inc, Perry Creek Capital and Fidelity Management & Research were among the investors of the latest financing round, the company said. (https://
This round comes after the initial investment of $2.25 billion, earlier in March. (https://reut.rs/2xUYw55)
Founded 11 years ago as a small project inside Google, Waymo is now widely considered the leader in developing self-driving technology. But Waymo and its principal rivals are still years away from building large-scale businesses around that technology, analysts believe.
The outside investors will help Waymo be more disciplined, Alphabet Chief Financial Officer Ruth Porat told a Morgan Stanley (NYSE:MS) investor conference in March.