The race to replace the traditional car is already one of the most fascinating stories in global business.

Internet giants such as Google and China’s Baidu, upstarts such as Uber and Tesla (led by the increasingly volatile Elon Musk) and traditional automakers like General Motors, are all vying for control of a market that analysts believe will be worth trillions of dollars.

Zoox wants to build and operate a fleet of driverless taxis that would endlessly roam the streets. Credit:Photograph: Shaughn and John

Yet, from an Australian perspective, this race is about to get much more interesting.

A secretive autonomous vehicle company, led by an Aussie, is in the process of restocking its war chest with hundreds of millions of dollars in fresh funding. And the nation's most prominent tech entrepeneur is firmly behind it.