SoftBank, Toyota invest $1 bn in Uber for its pricey self-driving ambitions

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 valued 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 company Denso Corp will combined invest $667 million.

Reuters had reported in March talks of the investment in ATG, which has locations in Pittsburgh, San Francisco and Toronto.