Google isn't the only company working to bring self-driving cars to the market.
Mobileye, a Dutch firm that develops advanced driver assistance systems, announced Sunday that it has raised $400 million from several big name investment firms including Goldman Sachs and Morgan Stanley. The new funding is said to value the company at $1.5 billion.
Mobileye, which was founded in 1999, markets its technology as a way to help reduce the number of traffic accidents, but the company is planning to expand into developing driverless cars -- or mostly driverless cars, as the case may be.
Ziv Aviram, the company's co-founder, told the New York Times that Mobileye plans to install technology into cars that would automate much of the driving experience, and do so for cheaper than other options on the market. Aviram also says the company is working on a car that operates mostly on autopilot, with plans to release it by 2016.
Google first revealed that it was building self-driving cars in 2010. Since then, automakers like Toyota and Audi have started working on driverless vehicles of their own. Tesla has also talked with Google about working on driverless technology.