Uber is one of the most promising startups which many investors think and now after planning for a successful IPO the company has received more than $1 billion of funding for its self-driving vehicles. Uber is going to go public in next month, and investors who were worried about cash burn out now might get some relief after getting his funding from Softbank. Uber has become lots of famous among investors and entrepreneurs who hugely admire the company’s vision of ridesharing but still, the company hasn’t recorded a significant number of profits. Uber is spending a colossal amount of money on self-driving technology also that’s why the cost of R&D has increased significantly.
Now Softbank who has earlier also invested into Uber are now trying to give some financial support to a company which it needs right now. On the other hand, Toyota and DENSO will invest more than $667 million into Uber along with Softbank’s huge funding. The self-driving industry is getting lots of popularity from last many months and companies like Tesla, Ford are hugely investing in this field. Uber is that company which is trying its best to enter into the image of large companies, but since many well-established companies are trying to develop self-driving vehicles, it’s getting fierce competition from them.
Toyota has already planned to create self-driving cars with the help of Uber by the end of 2021. So far the automobile industry is getting changing a faster rate because many rivals are now joining hand with each other to survive into this sector. Softbank is diversifying its investment, and it had last year invested a similar amount into General Motors’ self-driving car technology. So it will be interesting to see whether Uber is going to raise a sufficient amount of money from wall street or not.
Carolyn is a technology graduate and loves to write about anything related to technology as well as writes in others sectors. Carolyn is a professional writer with over 7 years of experience. Initially starting off as a programmer, Carolyn decided to combine her knowledge about technology and writing and that’s how she joined Reporter Expert.