Alphabet's Waymo raises $2.5 billion in first fresh funding in a year

FILE PHOTO: A Waymo employee hails a ride on their phone during a demonstration in Chandler, Arizona, November 29, 2018. REUTERS/Caitlin O’Hara/File Photo

(Reuters) -Alphabet Inc's self-driving unit Waymo said on Wednesday it raised $2.5 billion in its first fresh funding round in a year, after a string of defections of executives rekindled concerns about the technology struggling to scale up.

The announcement came a day after General Motors Co’s majority-owned Cruise self-driving car subsidiary said it would gain access to a $5-billion credit line.