Toyota Motor and Waymo, the autonomous driving tech company owned by Google-parent Alphabet, have announced a preliminary agreement to explore a partnership in autonomous vehicle development. According to an official blog post by Waymo, the collaboration aims to create a new self-driving vehicle platform while also improving next-generation personally owned vehicles (POVs).

Waymo, the self-driving car company owned by Google's parent Alphabet, has recently raised $5.6 billion in its latest funding round. The round included major investors such as Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price.