Waymo, the autonomous vehicle subsidiary of Alphabet, has closed a massive $5.6 billion Series C funding round led by its parent company. The investment, which also saw participation from prominent Silicon Valley venture firms such as Andreessen Horowitz, Silver Lake, and Fidelity, marks Waymo's second external fundraising round and its first since 2020.

The fresh capital will be used to fuel Waymo's expansion into new cities and further develop its autonomous capabilities for business applications. The company has shifted its focus from autonomous trucking to its robotaxi ride-hailing service, which has seen significant success. Waymo now operates commercial services in San Francisco, Los Angeles, Phoenix, and is expanding to Austin and Atlanta, with over 100,000 customers per week across its initial three markets.

The funding round is a significant milestone for Waymo, which has made significant strides in the autonomous vehicle space. With its sights set on further expansion and development, Waymo is poised to continue leading the charge in the autonomous revolution.