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

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.

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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