Uber's self-driving unit secures $1-billion investment ahead of IPO

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Ahead of an initial public offering expected next month, Uber Technologies Inc. secured a $1-billion investment in its self-driving unit from three Japanese companies.

Denso Corp., Toyota Motor Corp. and SoftBank Group Corp.’s Vision Fund bought stakes in the unit, valuing the arm at $7.25 billion, according to a statement. The deal will help Uber, which tallied a $3-billion operating loss last year, to continue funding a very costly endeavor.and is expected to begin a road show to promote the stock before the end of the month. The offering could value Uber at about $100 billion, people familiar with the matter have said.

The deal is expected to close in the third quarter, Uber said. Together, Toyota and the auto supplier Denso will invest $667 million, while the SoftBank Vision Fund will chip in $333 million for the self-driving unit., with a 16% holding. Toyota has a smaller stake. SoftBank hasn’t been able to take two board seats at Uber that were granted as part of its investment more than a year ago. Due to an impending U.S.

The new corporate entity will have a board compromised of six Uber-appointed members, one appointed by Toyota and one from SoftBank’s Vision Fund, a person familiar with the matter said. That seat will also require U.S. security approval.

 

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The whole point of 'uber' is that it's part of the on demand gig economy. If robots are doing it, then I won't use the service. Not that I trust people more but these folks aren't driving cause they like the smell of fumes and sitting in traffic.

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