Via teams up with Waymo to power autonomous taxi service

Via, the most recent Israeli company to go public on Wall Street, announced a major strategic agreement with Waymo, Google’s autonomous vehicle subsidiary.

Via’s technology for managing transportation systems will serve as the backbone of Waymo’s autonomous taxi service. In the first phase, the joint project will launch in Chandler, Arizona. Via, which has developed a platform for managing and integrating public transportation, will later enable Waymo to connect its taxis into transportation systems across multiple U.S. cities. Among other features, Via’s platform will allow for pooling multiple passengers into a single ride, reducing costs for consumers.

Waymo already operates autonomous taxis in several U.S. cities, providing hundreds of thousands of rides every week, with San Francisco its most prominent market. According to company data, its vehicles are involved in 88% fewer accidents than human-driven cars.

Via, founded and led by Daniel Ramot, raised $493 million in its IPO on the New York Stock Exchange just a week ago. The offering, conducted at a $3.7 billion valuation, has since lifted its market cap to $4 billion.

Founded in 2012, Via employs nearly 1,000 people, including about 400 at its development center in Israel. The company is growing at more than 30% annually, with revenues at a run rate of $429 million, though it remains unprofitable. Losses, however, are on a declining trend.

Via’s customers are primarily transportation agencies and local governments that use its platform to optimize public transit. Today, the company counts 689 customers, with about 90% of revenue derived from government agencies, most of them in the U.S.