The Canada Pension Plan Investment Board (CPPIB) was part of a US $2.25 billion investment round for Alphabet Inc.’s self driving car subsidiary Waymo.
CPPIB was co-lead investor alongside Silver Lake Partners, with Canadian automotive supplier Magna International participating alongside Andreessen Horowitz, AutoNation and Alphabet itself.
Neither Alphabet nor CPPIB have disclosed the valuation of Waymo or how much money each of the parties was contributing.
Ryan Selwood, head of direct private equity for CPPIB commented to the press that the investment was an opportunity to get a stake in an industry leading autonomous vehicle company. “Successful deployment of the Waymo driver will be a disruptive force set to reshape several very large markets, which will have very attractive unit economics for its shareholders. But this will take time,” he said.
“We believe that autonomous vehicles are the future of auto mobility, and it does take a long-horizon view to invest.”
Waymo has been running a pilot project with driverless vehicles offering taxi service in Phoenix, Ariz. The company has also touted the more than 20 million miles driven by the autonomous system on public roads.