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You've just raised sixteen billion dollars. It's a lot of money. What is it unlocked for way Mo over the next twelve twenty four months.
Raising the sixteen billion dollars and at one hundred and twenty six billion dollar valuation is really a vote of confidence. I mean, this team has been heads down for a long time trying to bring this sort of scientific project into reality and app scale. And so it's a huge event of confidence not only from our majority investor, Alphabet, but also from our co lead investors Sequoia and DST and Dragoneer, as well as a host of world class existing and new investors. And it just allows us to
continue to scale our business. Right now, we're laying the groundwork for over twenty cities in this year alone.
I should point out, you know, we reported Alphabet will account for the vast majority of that sixteen billion. But it is interesting, so Quoia Capital, DST, Dragonnaire beyond you investors, what do we interpret from that that they came in at this stage of the company's life.
I think it's important to interpret that this is an inflection point, right like in twenty twenty five, we quadrupled the number of trips that we are providing, So we offered fifteen million rides and we have over twenty million lifetime rides. So it was just a really important year.
And now that we've launched Miami, that's across six cities, but at that time it was across five cities, and so demonstrating not only that the technology works that were able to drive the safety impacts that we've been focused on, you know, with when we were at one hundred and twenty seven million miles, we were able to demonstrate a ninety percent that we had ninety percent fewer serious injury causing crashes or worse. That's the kind of safety output
that drives us. That's our mission to be the world's most trusted driver. So coming in at this point demonstrates that consumers are adopting it, the safety case is being made, and it's just really exciting time to join the team.
You set the same for expansion across twenty cities this year. Right right now, you're doing four hundred thousand paid rides a week across six cities. It's a greater scale than when you and I talked to more than a year ago, which seemed to be to be a time of pace. Then what's the biggest challenge of operating a robotaxi service at that new scale that you're developing.
I think everything is really exciting right now, and there are many many things to be learned as we go. Right like some markets are still not open and they're really important transportation hubs around the world, like New York City, you know, and so we were the first company to receive a testing permit where we had driver supervision of fully autonomous testing in the city.
And we believe now.
With Governor goal that we will be able to be the first company to launch a New York City, a New York State. But you know, this is going to be a path actually figuring out the regulatory landscape.
There is something there isn't there. City versus states, state versus ver. We will talk about it. Yeah, I got a lot of interest when I said that I was going to be speaking with you about sixteen billion dollars A lot of money, but actually how will you use it?
There's a tension between scaling operations the fleet. You know, you've got to have more cars, but also a commitment to invest in technology, and I wanted to teach you how far you've thought about how much goes into each of those buckets.
Yeah, so, first and foremost, when we think about twenty twenty six, just the year ahead of us, execution execution execution, So scaling across these twenty cities that were laying the groundwork for continuing to grow our world class team is obviously super important to us.
Making sure that we are continuing.
To cost down our hardware stack and prove out our unit economics while scaling our fleet. And so we have our fully electric ipace fleet. We are starting to introduce the OHI vehicles and then you will see the Ionic fives come online, and so making sure that we are investing for the long term for a sustainable business is what we're really.
Fused to see the OHI vehicles testing.
If I am a user of the service right now, will I soon be able to actually get into an.
Ohai you will this year be able to Right now, we've only throughout twenty twenty five. In the beginning of this year, had employees in three cities.
We just had a huge weekend here in the Bay Area, San Francisco, but Santa.
Clara super Bowl.
Yes, I across social media saw a lot of people reflect on their first experience in a robotaxi, some of them of course with Waimo, was that a tangible, meaningful moment for the company recently is the town?
Yes?
What data? What evidence can we can we point to on how big a weekend?
Yeah Bowl is a reminder for us that Weymo is part of the fabric of the Bay Area, right like people were able to hail rides from SFO from San Jose Airport, people were able to get to and from the Levi Stadium.
You know.
We obviously did a lot of fun activations with influencers, but it's just a reminder that people are using the Waimo service in every day errands, doctor's appointments, you know, getting kids to practice, in big life moments, weddings, picking up a child from daycare, having a baby, you know, going to their going to the hospital, pregnant, coming home from the hospital with a newborn, and then these large cultural moments, and so we've had a number of them. Obviously,
we started the month with the Grammys. We had a host of activations there, then the Super Bowl, and then of course we have the All Star weekend coming in Los Angeles, and so we're just finding this intersection of everyday life and then real enthusiasm because a lot of people came to the Bay Area for the Super Bowl and we're not in their city, and it's the thing
they had heard from their friends in the area. You have to check out Weimo, And so we saw so many downloads and so many happy writers while they were here.
Weimo's reputation is growing globally and we're going to talk about about the literal expansion of your operations. But with this funding round, you know, it's a who's who of investors now on the cap table. It's a big raise at a premium valuation. How much of that is sort of setting the pieces in motion to life eventually as a public company. Is that something that you and Dmitri and the rest of the leadership plan for or is their merit staying as you are now?
You know, we are just laser focused on execution, you know, building Weimo to be financially responsible, operationally excellent, and then make sure we maintain the safety culture. Like that's what we're really focused on. Having this voe of confidence, as you said, not only from alphabet, but from our three colleagues from this round, and from all of the new investors who decided to join our cap table and the existing ones who doubled down on their belief that this
is the right opportunity to fund. And so we just feel humbled. But also there's a lot to do. So we're just really focused on making sure that we can scale, focusing on our two first international launches, you know, London and Tokyo, and scaling across the United States.
Let's talk about the growth.
A lot of people just want to understand in some of those cities where people are frustrated because the service doesn't exist, what does it take to launch in a city to go from mapping that city through to a full paid commercial service.
Now, if the regulatory climate of a city is welcoming, then if then we can show up and map and launch in a couple of months, like we did in Miami. You know, that's a city where you know, they were welcoming and they were ready, and we were ready, and so we showed up. You know, we have a fleet operating partner, and we were able to launch quite quickly after we first arrived. I think in a lot of cities, especially cities that are meaningful from a transportation perspective, where
we're helping, we're working engaging with policymakers. You know, we have the burden to demonstrate our safety impact. And so with the one hundred and twenty seven million miles in ninety percent fewer injury, serious injury causing crashes or worse, you know, we have to educate them on that kind of impact. Eighty two percent fewer airbag deployments. You know, this isn't something that any fleet based business has been
able to come in and give policy makers data. So assuming that we can do that and then grow trust, and you know, we do that by partnering with organizations in markets who have been trying to solve road safety issues. They've been trying to expand mobility options for residents, and so we partner with them. And then obviously we work with law enforcement and first responders to train them on horror technology works.
We do not yet have, although there has been progress towards just this week, a federal level framework set of rules. What do you think the direction of travel is with that? And you know, clearly if you had to deal with one set of rules and not a city by city, let alone state by state basis or case, you'd be making a bit more progress, I suppose.
Yeah, we think it's really important that there is a federal av standard. We've been advocating for sort of a safety case based approach because the technologies are different, and we think that the burdens should be on companies to demonstrate why you believe your technology is safe enough. We also think there should be transparency requirements. You know, people should have to demonstrate how many trips are you providing?
You know, I don't right now, the balance isn't quite there.
I mean some states require a lot of reporting, some don't require as much reporting. I think the United States has an opportunity with this technology to lead globally, and I don't think you can lead globally if it's a framework that's governed by multiple jurisdictions across the states. And it's a way to slow down the adoption of this technology not only in the US, but in other markets.
New York City, New York City, not necessarily New York State.
A lot of people.
Want to know what's the roadblock there upon the expression and what's the timeline? You know, you work closely with the authorities. But that is a big potential market.
Yeah, that's a market where you know, we're just going to have to do the work and demonstrate our safety outcomes and earn the trust and shizzle away at it over time.
Do they have the rules for you to follow.
They do not have rules that allow the human operator to be removed from the vehicle entirely.
And until that changed, and until that changes.
But you know, there is an interest in doing this in the state, even outside of the city, and that gives us an opportunity to grow more fans, and fans actually are calling for this in cities where our technology can't be deployed. We are seeing organic campaigns spring up saying I want WEIMO in my town, you know. And sometimes it's you know, parents of children who will never have driver's license saying like, Okay, this is a safer alternative.
Let's bring it in and let's give these children independents. And so it's been really exciting for us to see people demanding it, and over time that's going to grow.
Of those twenty cities that are coming this year, New York City is not one of them. Fasted in No, that's right, San Francisco. The Bay Area is my home. London's where I grew up, and I was studying the map of the burros that you propose to launch in and you correct me if my math is wrong, But just based on those burros at launch, this seems to be the biggest citywide deployment from the start that you guys will have done.
Is that correct? It?
Possibly, it's correct.
I mean, we're in the phases of figuring out the specifics around the launch and figuring out the actual framework around the launch, and so I don't want to speak to you definitively about what we're going to do. But what you're speaking to is we're not gated by the technology, right, and we have the appetite to scale, and we want to partner and do so safely, and we want to
earn trust. So that's like there's a lot of levers there that we have to figure out how to strike the right balance and how to make sure that we're introducing it to the community both to meet the demand and grow.
I asked, because of those twenty cities to come, London is one, yes, and London is now outside of the European Union, but it's you know, it's kind of your europe launch.
Yes, what was that experience like?
Within London's regulatory framework and the UK's regulatory framework.
They've been extremely forward leaning and interested in seeing how this technology could actually improve safety on their roadways. And that's where I think, you know, we find a sweet spot when people are less sort of complacent about the
status quo. And I think there's a lot of complacency about road debts forty thousand or one point two million globally, and when there isn't, I think people are actively interested in solutions and then they want to figure out, of course, what are the things they need to think.
Through and learn well, pricing for one, like London has take the Bus, Yes, London has take the Tube. London is prepared to sort of pay for a robot taxi service that's equivalent to a human driven cab Black Cab in London or Uber and Lyft.
Yes, I yes, people are there's you know, obviously, before we go in we do a lot of polling, We meet with a lot of residents as well as advocates,
and people are people want safe private spaces. It adds to their day versus becoming time that they lose in the day, and so it's a you know, the thing that's been most exciting is once we introduce the way most service into a citiescape, people discover things they didn't think they could have, like that hour a day in the morning and buy yourself to get something done.
People have just sacrificed it.
Yes, and whether that's on transit or whether that's it doesn't matter and we're not you know, people want to take transit. That's great because you can also sit there, just can't sit there maybe until your call on quiet. And so this is something that we're hearing from writers all the time. I didn't know that I needed this the way that I needed that.
Asia Pacific is also somewhere that is it varies by country, but that robotaxis are embraced. You are looking very closely at Japan. Yes, what do you see in the Japanese market. Of course, you're very closely aligned with Toyota as a partner almost a national champion for them in the automotive space. Does your hope of launching their go beyond Toyota? Is it enabled by Toyota? And again, we have a lot of viewers in that country who just want to know when.
Yes, Yes, when we first thought about Tokyo, Japan, we thought about Tokyo, right And when we first thought about Tokyo, we decided to partner with Neon Kotsu and Go. And that's because that, you know, the cab are such an integral part of life there culturally as well culturally exactly. And so what that's allowed us to do is we have a fleet of vehicles there and the drivers of those vehicles are part of that partnership. You know, they're collecting the data for us, and so they're like helping
to usher in this change. There will still be cabs for a long time, and there will be an introduction of autonomous vehicles, and so finding partners, like you said, national champions who can help us navigate not only the regulatory climate, but who already have that trust of riders and who can help us educate riders that this isn't like something they are not welcoming. It's actually something they're quite excited about seeing Tokyo become a city of the future.
From a transport that is a market where the rules exist for you to through partners or otherwise, but to charge a fair and have a real business, even if modest at first.
That's exactly right, and of course it's something we've helped shape.
Right.
You know, there's most places contemplated drivers around the world, right, I mean that's the way laws, whether.
It's fifty years ago or one hundred years ago.
I mean, they were sort of written to regulate automobiles, and automobiles were presumed to be driven by people. And so most places we have to think through what needs to change in the laws, and then if people are willing to work with us on that, then we work with them to change it.
And so in Japan we have a path forward.
Around the world, the sort of robotaxi race is framed in US companies against Chinese technology companies, right. I think this is something that Weymo and some of Weimo's executives have been kind of candid about this past week in testimony. How do you see that that playing out you? For example, with Toyota, you have a partner who also in common work with Ponyai as an example. It's something you must be conscious of in markets where you want to expand outside of America in particular.
Yes, in general, if there are other companies focused on autonomous driving to make roads safer. We think that's positive, like that is a positive thing.
We should have.
Competition around saving lives, and so that's a good thing. I think what we don't spend a lot of time thinking about is how everyone is thinking about how to pursue partnerships. Right now, we're just laser focused on our strategy. We're the only company that is offering a twenty four x seven service across six markets in the US, with ambitions to be in many more this year and launch internationally.
And you know, we've driven over two hundred almost two hundred million fully autonomous miles, and we're driving over four million miles per week, and.
So that's if you think about it, that's over.
Six human lifetimes every seven days. And so our driver is learning at a rapid piece. So we don't think there's anyone who's doing anything close to what we're doing, and so for us, it's just staying focused on our own ambitions.
Safety.
There are still concerns, and in January in particular, there's two kind of again case studies of regulatory scrutiny right of two specific incidences, and I think it's important for both of them. I take time in putting it to you and explain to you. But in the case of the Santa Monica incident, for example, a way more vehicle struck or collided with a child, but the system detected
the child. It breaked sharply, and at the point that the impact was made, it was a speed of single digits miles per hourably six it had been traveling at seventeen. So in that instance the system worked, but a probe was opened.
Just would you reflect on that.
But also, you know, my interpretation of what WEIMOS publicly stated about this is that you actually kind of welcome the opportunity to open up the system to the regulators, let them look at it.
Yes, so, first and foremost, this was a child, and we are extremely happy that she walked away from this incident. As you said, because there's you know, an investigation pending, we thought it was important to become a party to the investigation, and so we're doing that. And as we've already stated, you know, our car was traveling sixteen miles per seventeen miles per hour.
We did detect her, you.
Know, coming between from behind a tall suv into the roadway.
We heartbreaked and we made.
Contact at six miles an hour, and we also determined and our human equivalent model that human would not have been able to perform as our superhuman driver performed. And so this is an example we believe of exactly why we do what we do. We want to make roads safer, and we welcome the opportunity to cooperate with the NTSB and this investigation.
Separately, safety investigators are looking at the issue of how the WEIM interacts with parked school buses. This seems to be sort of a separate technical challenge and what is that about. Why is it that the weaiymos system has to I guess struggles with is the is the headline that came out, but with a parked vehicle of that size in a school zone of course, where you have mixed foot traffic of children in particular.
Yeah, I think you know, first and foremost, with safety being our priority, how we perform around school buses and children is a top priority for our company. You know, we've already addressed this situation with software release, which is really important to us. But also we partnered with the Austin Independent School District, Yes to look at data they have. So we can make sure that we are learning from
what they have. You know, their data obviously would be more based on human driven vehicles, but still having that opportunity to learn is really important to us. And then once again, we have agreed with the NTSB to be a party to this investigation because we think it's important for us to understand for them to understand what we're seeing, because we also have a lot of awareness around the school buses.
If we call that an edge case interaction with the school bus. That software fix that you talked about, is it a total fix? In other words, it's way more believe it's now solved that technical challenge.
I don't think we can think of it as a single thing, okay, and I want to be super respectful of the investigation here and so, but I don't think we should think of it as a thing because you know, there are angles, there are times they're not all parked, and so I think we should let the investigation play out and then happy to.
Talk to you afterwards.
There was a big sort of technological development which was with GENI three. You know, the use of simulation. How much has that kind of accelerated that the technology development side of what Weimo's doing of late.
I think it's really exciting for us and something that we continue to partner with the research teams. But really our acceleration hasn't been dependent on that.
WEIMO has always talked about safety in the context of redundancy.
Right.
It's a multisensor suite around the vehicle, camera, vision, leder radar, Tesla's approach, and they are at much smaller scale, especially in the vehicles that no longer have a safety supervisor. Is a vision only approached and you are trying to scale in all of these cities? Is the different technology Are the different technology approaches something that worry you based on your belief of the kind of redundancy that's required.
No, it doesn't worry me. We have a lot of conviction about our approach.
Right.
Our approach is what allowed us in October of twenty twenty to remove the human driver from behind the wheel, and it's what's allowed us to be the only company to scale to over four hundred thousand trips per week.
If you can see and smell, and taste, in touch and have all of your senses, why wouldn't you, and especially with a safety critical function, We think it is very important in the early days, especially to make sure you're taking in as much data as possible to inform the models and then to achieve the outcomes, and then we can all debate, you know, how you go forward
from there. But this has been critical to our approach and it's allowed us to scale, and it's allowed us to achieve these safety results of a ninety percent fewer serious injury causing crashes, and that is how you evaluate whether or not this approach is working. And I know there's a lot of discussion around costs, right.
Especially when you think about the economics at scale.
The economics at scale, So of course we're laser focused on bringing these costs down. If you have to bring the cost down once you achieve the safety because how else do you actually know what the investment model for the businesses if you haven't actually achieved the safety bar. And so that's what we are focused on. Achieving the safety bar. Now we can drive the cost down because we know.
What it takes.
So let's end by me asking you this, in case I don't speak to you for another year. In a year's time, what are the metrics by which you, as a leader in this company, will have judged success. You know you plan to launch in twenty cities, but you often point to different safety metrics and the miles driven internally, What are you going to be holding the team to account on.
By the end of twenty twenty six, we will be doing over one million trips per week, and we will be doing that across a host of.
US paid trips, paid trips.
We only talk about paid trips, and so we will be doing over one million paid trips per week by the end of this year, and.
That's the measurement of success in the nartime.
It's one of them, I think do having the safety culture that we've had within the company.
It permeates through the data, but it starts.
With how we are so disciplined about what we do and how we do it. It matters a lot to us, and so making sure that we have that culture intact, I think is the other way that we will continue to measure our success.