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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

Ina Fried, author of Login
17 mins ago - Technology
Column / Signal Boost

Exclusive: Meta's civil rights chief aims to "turn the knob" for good

Photo Illustration: Shoshana Gordon/Axios. Photo: Meta

A year ago, Facebook brought in Roy Austin, Jr. to lead a new team focused on civil rights. Since then, he has assembled a squad of experts advising parent company Meta on everything from voting rights to hate speech to ensuring new products don't have discriminatory impact.

The big picture: Austin's team of nine must tackle those tough issues inside a company of nearly 70,000 employees serving more than 3 billion users around the world.

Momentum builds for transparency on people's salaries

Illustration: Sarah Grillo/Axios

New York City will soon require employers to supply a salary range when they're advertising a position — the biggest step yet in the growing but controversial movement for pay transparency.

Why it matters: Laws like New York's aim to give workers, particularly women and people of color, more power in job negotiations. But the rise in remote work is throwing a wrench into the effort.

1 hour ago - Health

Contact tracing fizzles across America

Illustration: Sarah Grillo/Axios

States across the country are scaling back their contact tracing efforts, often focusing on vulnerable communities and relying more on Americans to alert close contacts themselves after testing positive for COVID.

Why it matters: As vaccines have become available, the virus has become more infectious and life has slowly headed more toward normal, health officials have come to view contact tracing as a relatively inefficient use of resources.