Uber Raises $1 Billion For Its Self-Driving Unit

Uber on Thursday night confirmed that it has raised $1 billion for its autonomous driving unit at a post-money valuation of $7.25 billion.

Existing Uber shareholders SoftBank Vision Fund and Toyota were joined by Japanese auto parts maker DENSO. Toyota and DENSO will invest a combined $667 million, with SoftBank’s Vision Fund putting in the rest. Toyota is also committing up to an additional $300 million over the next three years to deploy autonomous vehicles into the Uber’s network by 2021.

Uber is preparing to go public next month, and this deal could soothe some investor concerns about the cash-burn on self-driving R&D.

Read more at AXIOS.

{Matzav.com}