Waymo, Alphabet Inc.’s autonomous driving unit, is aiming to raise about $16 billion in a financing round that would value the unit at nearly $110 billion, according to people familiar with the matter.

The parent company would provide about $13 billion to the robotaxi firm, while the rest would come from others, including new investors Sequoia Capital, DST Global and Dragoneer Investment Group, said the people, who asked not to be identified because the discussions are private. Mubadala Capital is also investing in the round, some of the people said.

Waymo could close the funding round in February, the people said. The prior investment round, in October 2024, valued the company above $45 billion and was led by Alphabet, which also owns Google.

“While we don’t comment on private financial matters, our trajectory is clear: With over 20 million trips completed, we are focused on the safety-led operational excellence and technological leadership required to meet the vast demand for autonomous mobility,” Waymo said in a statement.

Google could not immediately be reached for comment. Dragoneer, Sequoia and DST did not immediately respond to requests for comment. Mubadala declined to comment.

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Waymo operates fully autonomous ridehailing, without a human safety monitor, and charges a fare for passengers in half a dozen US cities. That includes the San Francisco Bay area, Los Angeles and rides through Uber Technologies Inc.’s app in Austin and Atlanta. The startup plans to aggressively expand the commercial service this year to many more American cities, as well as to the UK.

There’s a large pool of companies chasing the market for ridehailing using fleets of cars that drive themselves. Tesla Inc. plans its own service and has limited autonomous operations, with no safety monitor, in Austin. Amazon.com Inc.’s Zoox has a purpose-built robotaxi with no driver controls operating on the Las Vegas strip and testing in other cities near San Francisco.

Bloomberg reported in December that Waymo was seeking to raise $15 billion at a more than $100 billion valuation.