The Canada Pension Plan Investment Board joined Alphabet, Andreessen Horowitz, Magna International, Silver Lake and Tiger Global, among others, in the Google sister company’s second external funding round. CPP Investments and Magna also previously participated in the self-driving car company’s May 2020 Series A. (The Logic)

Talking point: Waymo’s latest round follows CEO John Krafcik’s departure in April and concerns that the firm isn’t commercializing its technology fast enough. The criticism is not unique to Waymo—which has deployed cars for a ride-hailing service in Phoenix and is working with delivery partners to transport goods—as the industry at large progresses slowly. Some players are pulling their bets as the market continues to lose money. In December 2020, Uber sold its autonomous-car unit to rival firm Aurora Innovations. But Waymo’s recent raise shows there are still plenty of investors willing to wait for a payoff. Last week, former Uber researcher Raquel Urtasun launched a new autonomous-car firm, Waabi, with an US$83.5-million round led by Khosla Ventures, with participation from Uber, OMERS Ventures, BDC, Aurora Innovations and others.