Toyota-backed self-driving startup raises $267m led by OTPP at $5.3b valuation, backed by Toyota Motor Corp, said on Friday it has raised $267 million in the initial phase of its fundraising round that values the self-driving startup at $5.3 billion, as it seeks to boost its presence in the United States and China.

The latest funding, which comes just eight months after the company’s $462 million fundraising, makes one of the most valuable independent autonomous driving startups, with higher valuation than rivals Aurora and Nuro, according to data provider Pitchbook.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter