Toyota, SoftBank and Denso have confirmed they have agreed to invest $1bn in Uber's autonomous driving spinoff at a $7.25bn post-money valuation.
US-based ride hailing service Uber has officially spun off its autonomous driving subsidiary, Advanced Technologies Group (Uber ATG), with an agreed $1bn in funding from three corporate investors.
Automotive manufacturer Toyota and automotive components producer Denso will supply a joint $667m while Vision Fund, the $98.6bn investment fund managed by telecommunications and internet group SoftBank, will supply the other $333m.
Uber ATG is the division of Uber dedicated to developing autonomous vehicle systems and sensors equipped with object perception, motion…
