Feb 2 (Reuters) - Alphabet unit Waymo said it

had raised $16 billion in its latest fundraising round that

valued the self-driving car startup at $126 billion, nearly

tripling its valuation in less than ‌two years.

As one of the most sought-after applications of artificial

intelligence, leading ​autonomous vehicle companies are investing

heavily in commercializing their technology, ‍with a focus on

safety and regulatory ⁠collaboration to gain ⁠market share.

The round was led by Dragoneer Investment Group, DST Global,

and ‌Sequoia Capital, with additional ​investments from Mubadala

Capital, Andreessen Horowitz and T. Rowe Price.

As of the last external financing in ⁠2024, Waymo was valued

at $45 ‍billion, ​based on data from Tracxn.

Waymo, which Alphabet carved out of Google's ‌self-driving

‌car project in 2016, is the only ‍operator in the U.S. offering

paid robotaxi services with no safety drivers or in-vehicle

attendants.

The company said it tripled its volume to 15 million rides

in 2025, providing 400,000 rides weekly across six major U.S.

metropolitan areas.

While ​Waymo ‍remains the leader in the U.S. market,

competition is brewing, with Elon Musk's Tesla making

robotaxis a ​core priority for the company, pivoting away from

electric vehicles.

Amazon's ( AMZN ) self-driving unit Zoox has also offered

free robotaxi rides to the public on and around the Las Vegas

Strip and in parts of San Francisco.

However, safety concerns linger as the National ​Highway

Traffic Safety Administration last week said it is opening an

investigation after a Waymo self-driving vehicle struck a child

near an elementary school in ‍California.