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Uber’s self-driving car unit just raised another $1 billion

Uber’s self-driving car unit just raised another $1 billion
[Photo: courtesy of Uber]

Uber CEO Dara Khosrowshahi announced on Twitter that Uber’s autonomous car unit, known as Uber Advanced Technologies Group, or UberATG, has received a billion-dollar investment from SoftBank’s Vision Fund, Toyota, and Denso, an automative component supplier.

Under the terms of the deal, Toyota and Denso are investing a combined $667 million in UberATG, and SoftBank’s Vision Fund is investing $333 million. Uber says that this latest investment will help UberATG to mass-produce and commercialize automated ride-sharing vehicles and services. In a press release Khosrowshahi said:

This investment and our strong partnership with the Toyota Group are a testament to the incredible work of our ATG team to date, and the exciting future ahead for this important project, alongside great partners. The development of automated driving technology will transform transportation as we know it, making our streets safer and our cities more livable. Today’s announcement, along with our ongoing OEM and supplier relationships, will help maintain Uber’s position at the forefront of that transformation.

The investment in UberATG comes ahead of Uber’s initial public offering later this year, which could value Uber at $100 billion.

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