Uber’s autonomous vehicle unit has just received a $1-billion investment from a coalition of investors comprised of SoftBank Group Corp ($333-million) and Toyota / Denso ($667-million) ahead of its public stock offering, valuing the division at $7.25-billion. “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,” said Uber CEO Dara Khosrowshahi. Read more for another video of Uber’s self-driving car technology and additional information.
“The funding is a sign of confidence in UberATG from the Japanese financial and automotive industries after a few years of bumpy stateside research and development. Just last month, the company avoided criminal charges in the first-ever death at the hands of an autonomous car, which took place in March of last year and claimed the life of 49-year-old Elaine Herzberg. The fatal accident ended Uber’s test program in Tempe, Arizona, but the company has since resumed testing in Pittsburgh, Pennsylvania, where UberATG is headquartered,” reports The Verge.