Uber has raised another $1 billion. The investment is specifically going to Uber’s autonomous vehicle division with the goal of solving one of the biggest challenges in the fledgling sector of implementing hardware and software cheaply and at scale.
Three organizations are behind the investment, including Toyota.
Also backing the division are SoftBank Vision Fund and the Denso Corporation, an autonomous vehicle technology supplier. Toyota and Denso are fronting two-thirds of the investment and SoftBank will inject $333 million.
Uber claims the investment will value it’s Advanced Technologies Group (ATG) division in the region of $7.25 billion. The entire company is expected to be worth around $120 billion when its IPO comes to fruition shortly.
It is not the first time that Toyota has backed Uber. The Japanese company invested $500 million in the summer of 2018, as part of a plan to roll out the manufacturer’s Sienna model-led ride-sharing vehicles across the Uber network in 2021.