Toyota DENSO and the SoftBank Vision Fund (SVF) announced that they will invest $1b in Uber Technologies Advanced Technologies Group (Uber ATG). The investment, in a newly formed ATG corporate entity, aims to accelerate the development and commercialization of automated ridesharing services.
Under the terms, Toyota and DENSO will together invest $667M and SVF will invest $333M, valuing the new Uber ATG entity at $7.25B on a post-money basis.
Deepening the companies’ collaboration in designing and developing next-gen AV hardware, It will also prepare the companies and industry for mass production and commercialization of automated ridesharing vehicles and services.
Toyota will also contribute up to an additional $300M over the next three years to help cover the costs related to these activities.