Uber's autonomous-vehicle unit has raised $1 billion (¥112 billion) from a consortium of investors including SoftBank Group Corp., giving the company a much-needed funding boost for its pricey self-driving ambitions ahead of its public stock offering.
Uber Technologies Inc. said Thursday that the investment values its Advanced Technologies Group (ATG), which works to develop autonomous driving technology, at $7.25 billion. SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp. and automotive parts supplier Denso Corp. will invest a combined $667 million.
Toyota will also contribute up to an additional $300 million over the next three years to help cover the costs of building commercial self-driving vehicles, Uber said.
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