Waymo, the autonomous vehicle subsidiary of Alphabet, has raised a whopping $5.6 billion in its largest funding round to date. The investment will be used to expand its robotaxi service to new cities, including Austin and Atlanta, where its vehicles will be exclusively available on the Uber app.

The funding round, led by Alphabet, also saw participation from investors such as Andreessen Horowitz, Fidelity, and Tiger Global. The company has now raised a total of $11.1 billion in capital, with plans to invest $5 billion in the self-driving unit over several years.

Waymo's robotaxi service has already driven over 25 million miles and provides 100,000 customer trips every week. While the company is still losing money, with an operating loss of $1.1 billion in the second quarter of this year, the investment is a significant vote of confidence in its technology and business model.

The company is also exploring "business applications" for its Waymo Driver technology, which could include food and package deliveries, trucking, or even personally owned autonomous vehicles. With this funding, Waymo is poised to accelerate its growth and expansion, further solidifying its position as a leader in the autonomous vehicle space.