The Alphabet-owned company said the Google parent led its oversubscribed round, with participation from existing investors Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global and T. Rowe Price. (The Logic)

Talking point: It’s Waymo’s second external funding round, which supplements the US$5 billion Alphabet’s plans to spend on the project in the next few years. The self-driving car firm didn’t say whether two of its Canadian backers, auto parts giant Magna and pension fund manager CPP Investments, upped their participation in the new round. CPP declined to comment, while Magna, which is working with Waymo on an Arizona plant, did not offer comment to The Logic by deadline.The number of paid rides in Waymo’s robotaxis has grown tenfold over the past year—despite the company recalling its software following a December 2023 accident in Phoenix. The raise adds fuel to its fierce competition with rival Tesla, which announced plans earlier this month to launch its own robotaxi service.