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SoftBank, Toyota lead $1b funding round in Uber unit

Published : Sunday, 21 April, 2019 at 12:00 AM  Count : 81

SAN FRANCISCO, April 20: Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering.
Uber Technologies Inc said on Thursday that the investment values its Advanced Technologies Group, 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.
Uber CEO Dara Khosrowshahi said that the funding "will help maintain Uber's position at the forefront of" a transforming transportation industry.     -Reuters





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