Waymo has successfully closed a $5.6 billion Series C funding round, led by parent company Alphabet alongside notable investors including a16z and Silver Lake. This round marks Waymo's second external fundraising effort following a $2.25 billion Series B in 2020. The company plans to utilize the new capital to enhance its autonomous capabilities and expand its robotaxi services into new cities. Currently, Waymo operates paid rides in markets like San Francisco and Phoenix, serving over 100,000 customers weekly. The shift in focus from autonomous trucking to ride-hailing has proven beneficial for the company.