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Company News

CORRECTED-UPDATE 1-Waymo raises $2.25 billion from outside investors, parent Alphabet

(Corrects valuations to $105 billion and $175 billion instead of $105 million and $175 million in paragraph 4)

March 2 (Reuters) - Waymo, the self-driving unit of Alphabet Inc, said on Monday it has raised $2.25 billion in its first external investment round.

In addition to Alphabet, investors include auto parts supplier Magna International Inc, U.S. dealership chain AutoNation Inc, the Canada Pension Plan Investment Board and three large investment firms: Silver Lake, Andreessen Horowitz and Mubadala Investment.

Waymo did not provide a valuation.

Last September, investment bank Morgan Stanley slashed its projected valuation of Waymo to $105 billion from its earlier estimate of $175 billion, saying the commercialization of self-driving vehicles and technology was taking longer than expected. (Reporting by Neha Malara in Bengaluru and Paul Lienert in Detroit Editing by Shailesh Kuber and Matthew Lewis)

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