Uber self-driving car in Pittsburgh. Photo by Jeff Swensen/Getty Images

Uber on Thursday night confirmed that it has raised $1 billion for its autonomous driving unit at a post-money valuation of $7.25 billion.

Why it matters: Uber is preparing to go public next month, and this deal could soothe some investor concerns about the cash-burn on self-driving R&D.

Existing Uber shareholders SoftBank Vision Fund and Toyota were joined by Japanese auto parts maker DENSO.

  • Toyota and DENSO will invest a combined $667 million, with SoftBank's Vision Fund putting in the rest.
  • The self-driving unit will form an 8-person board of directors that will be comprised of six Uber-appointed members, one from SoftBank, and one from Toyota. Its employees will continue to be compensated with Uber stock.
  • Toyota also is committing up to an additional $300 million over the next three years to deploy autonomous vehicles into the Uber's network by 2021. SoftBank last year made a similar investment into General Motors' self-driving car unit, Cruise.

Go deeper: Uber files for its long-awaited IPO

Go deeper

Updated 35 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
  2. Health: Surge "is real" and not just caused by more tests, Trump's testing czar saysMask mandates help control rise in hospitalizations Some coronavirus survivors have "autoantibodies."
  3. Business: Surge is sinking consumer confidence Testing is a windfall.
  4. World: Europe faces "stronger and deadlier" coronavirus wave France imposes lockdown as Macron warns of overwhelming second COVID wave Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed as COVID-19 surges MLB to investigate Dodgers player who joined celebration after positive COVID test.

What the 2020 election means for science

Illustration: Sarah Grillo/Axios

The 2020 presidential election presents two stark paths for the direction of future-focused scientific research.

Why it matters: Science is a long game, with today's breakthroughs often stemming from research carried out decades ago, often with government help. That means the person who occupies the White House over the next four years will help shape the state of technology for decades into the future.

Zeta, now a Category 2 Hurricane, makes landfall on Louisiana coast

The probable path of Zeta, per the National Hurricane Center. Photo: NHC/NOAA

Zeta, classified as a "significant" Category 2 hurricane, made landfall along the southeastern coast of Louisiana on Wednesday evening, according to the National Hurricane Center.

The state of play: Louisiana Gov. John Bel Edwards (D) requested a pre-landfall Emergency Declaration in a letter to President Trump on Tuesday. The hurricane is producing 110-mph maximum sustained winds and stronger gusts. The core of Zeta — including its destructive eyewall — moved ashore near Cocodrie.

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