Waymo has raised an additional $2.5bn, as an array of investors continued to back its driverless car project, stoking concerns about the rate of cash burn at the Alphabet-owned company.
Waymo, which started as a Google project in 2009, is generally considered the industry leader and its unpiloted “robotaxi” service in Phoenix has no rival in the US.
But competition is increasing as its rivals consolidate. In the past year alone Uber’s driverless group merged with Aurora, Lyft’s “Level 5” unit was sold to a division of Toyota, and Cruise, the driverless unit of GM, acquired the start-up Voyage.
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