] keeping his eye on the road, his company recently got its license to test self-driving cars in California. And has setup shop in Shanghai to deliver the first partially automated systems to Chinese automakers by 2020.
>> With a $10 million investment from a China-based company and the world's largest auto market as the target,
Globally the competition is even more intense with over 240 companies racing to get ahead. Reuters correspondent Paul Lienert.>> Interest in self-driving cars really took off last year. After General Motors bought a small San Francisco startup called Cruise Automation for a reported $1 billion. But don't expect a revolution in transportation any time soon.
Investors say most of these startups have Yet to demonstrate a clear path to profit.>> In fact, total funding of self-driving startups has barely topped $5 billion, according to data gathered by Reuters. And only 7 of the top 30 self-driving startups have received later stage funding.>> It's hard to say just how much money is being poured into this technology.
Google and its sister company Wemo have been working on the technology for years. But the parent company Alphabet doesn't say how much money it spent on self-driving cars. It's believed to be in the billions. Meanwhile, big corporate investors including Samsung, Intel and Dell have funded five of the six most valuable start-ups.
Unicorn's evaluations of more than $1 billion.>> For now,