Waymo, the autonomous driving subsidiary of Alphabet, has secured $5.6bn in an investment round to broaden the reach of its autonomous ride-hailing service, known as Waymo One.

The investment round, which was oversubscribed, saw contributions from an array of investors, including Alphabet, Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price.

Tiger Global founder Chase Coleman said: “Customers love Waymo. The company has built the safest product in the autonomous vehicle ecosystem as well as the best.

“Their proven experience fostering rider loyalty, securing key partnerships, and collaborating with automotive industry leaders demonstrates their ability to balance ambitious goals with responsible execution, positioning them as the enduring leader in the space.”

The capital injection will facilitate the expansion of Waymo One’s ride-hailing service to new cities, including San Francisco, Phoenix, Los Angeles, Austin, and Atlanta in the US.

Furthermore, the company plans to use the funds to enhance the accessibility and capabilities of Waymo’s AI-driven autonomous driving technology, the Waymo Driver.

In 2022, the company obtained first permit from the California Public Utilities Commission to operate a ride-hailing service.

Subsequently, the company expanded service areas to San Francisco, Los Angeles, and Phoenix, including the introduction of curbside service at Sky Harbor International Airport.

Under the prior collaboration with Uber, Waymo One will serve riders in Austin and Atlanta starting next year.

In addition, the company initiated fully autonomous freeway operations in Phoenix and San Francisco and recently unveiled the 6th-generation Waymo Driver, which has cost optimisation and enhanced capabilities.

Commenting on its investment in Waymo Silver Lake co-CEO Egon Durban said: “While AI is only just beginning to capture the public imagination, Waymo has been working to bring its endless possibilities to the world of physical transportation for years.

“The Waymo Driver leads in earning trust by safely actualising the value and potential of AI through cutting-edge research, practical solutions, and a vastly expanding scope and scale of real world experience.”