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Illustration: Rebecca Zisser/Axios

Global investors are pumping money into autonomous driving-related companies, according to data from CB Insights. In the first three quarters of 2018, they have committed $4.2 billion, compared to $3 billion in 2017 and $167 million in 2014.

The bottom line: The promise of autonomous driving has led investors — and automakers — to open their checkbooks wide to ensure they’re part of the future of transportation.

The big picture: The $4.2 billion figure doesn't include all the funds automakers are investing into developing their own new tech. A Brookings Institution report last year estimated that from August 2014 to June 2017, a total of nearly $80 billion was invested in the area by the auto industry and venture capitalists.

The big funding tends to go to companies building a full caror close to it. Developing a brand new car model usually costs companies at least $1 billion, and up to $6 billion.

  • Zoox: The company, which is building a fully self-driving car from scratch, has raised $790 million in funding to date despite still being in the private testing phase of its development.
  • Cruise: As a startup building an autonomous driving system that could be installed in a car, Cruise raised less than $20 million before General Motors acquired it for nearly $1 billion. Since then, it’s expanded to building cars that are natively built to drive themselves (in partnership with GM), and has attracted a $2.25 billion investment from SoftBank ($900 million upfront), and more recently a $2.75 billion investment from Honda ($750 million upfront).

What's next: "Venture investors have begun to target early-stage startups working on specific AV use cases, such as managing a logistics AV fleet or enabling last-mile deliveries, rather than the technology underpinning autonomous mobility," Synapse Partners founder Evangelos Simoudis writes for Axios Expert Voices. "As large-scale AV fleets are deployed, these early-stage startups will become likely targets of the next acquisition wave."

Go deeper: Q&A with Trucks Venture Capital partner Reilly Brennan about the self-driving startup market

Go deeper

Mike Allen, author of AM
2 hours ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."

Cedric Richmond: We won't wait on GOP for "insufficient" stimulus

Top Biden adviser Cedric Richmond told "Axios on HBO" the White House believes it has bipartisan support for a stimulus bill outside the Beltway.

  • "If our choice is to wait and go bipartisan with an insufficient package, we are not going to do that."

The big picture: The bill will likely undergo an overhaul in the Senate after House Democrats narrowly passed a stimulus bill this weekend, reports Axios' Kadia Goba.