Uber's autonomous driving spinoff, which had raised $1bn from SoftBank Vision Fund, Toyota and Denso, is merging with self-driving technology producer Aurora.

US-based self-driving technology developer Aurora agreed yesterday to acquire US-headquartered ride hailing service Uber’s Advanced Technologies Group (ATG) subsidiary through a deal involving Uber investing $400m in the company.

Chris Urmson, chief executive of Aurora, told CBS the combined company will be valued at $10bn, and that Uber will own a 26% stake. Uber CEO Dara Khosrowshahi is joining its board of directors in connection with the round.

Uber ATG is developing autonomous vehicle and sensor technology which will inform…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.