In its ongoing efforts to expand its autonomous taxi fleet and enter new urban markets, Waymo has secured $5.6 billion in funding from external investors, marking its largest funding round to date.

Alphabet, Waymo’s parent company, led the round with contributions from Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price, as stated in an announcement.

This new investment follows Waymo’s early commercial achievements, as its self-driving taxis now complete over 100,000 weekly rides in San Francisco, Phoenix, and Los Angeles—double the number from May. Additionally, Waymo’s fleet is set to begin operating in Austin, Texas, and Atlanta by 2025 through a collaboration with Uber.

Waymo has previously raised external capital twice: $2.25 billion in 2020 and $2.5 billion in 2021. According to the company, the latest round was oversubscribed, although Waymo did not disclose its valuation or Alphabet’s specific contribution. In a July earnings call, Alphabet executives revealed plans to invest an additional $5 billion in Waymo over the coming years.

“These investors are focused on long-term returns rather than immediate gains,” noted Chris Ballard, managing director at Check Capital Management. “They’re in it for a much larger payoff down the road.”

Waymo faces competition from various companies, including Tesla with its new robotaxi service, Amazon-owned Zoox, and General Motors’ Cruise. Though not yet profitable, Waymo currently boasts the largest active fleet of autonomous taxis on the road.

The fleet consists mainly of electric Jaguar I-Paces, but Waymo recently announced a partnership with Hyundai and began testing vehicles manufactured by Zeekr, a Chinese electric vehicle maker, in July.ctric automaker, in July.