Waymo raises $2.25 billion from outside investors, parent Alphabet

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(Reuters) – Waymo, the self-driving unit of Alphabet Inc (O:), 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 (TO:), U.S. dealership chain AutoNation Inc (N:), 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 (NYSE:) slashed its projected valuation of Waymo to $105 million from its earlier estimate of $175 million, saying the commercialization of self-driving vehicles and technology was taking longer than expected.

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