Toyota is investing $500 million investment in ride-hailing giant Uber in a bid to accelerate autonomous ride-sharing, the companies announced on Monday afternoon.

The investment values Uber, one of the world's most valuable privately held companies, at $72 billion, according to a report in the Wall Street Journal. That's a significant jump from Uber's most recently stated valuation of $62 billion, based on a self-reported tender offer at the end of the first quarter. The company lost $659 million last quarter, marking a wider loss than its first-quarter figure, according to its own report.

Under the deal, the companies will incorporate self-driving technology into vehicles based on Toyota's Sienna minivans, and the companies plan to begin piloting the program in 2021, they said. Toyota has dubbed the platform "Autono-MaaS," standing for "autonomous mobility as a service."

In June, Toyota invested $1 billion in Southeast Asian Uber-rival Grab.