The autonomous driving business which General Motors acquired three years ago, Cruise, has raised more than $1 billion in its latest funding round, bringing total capital raised to approximately $7 billion.
Cruise says the equity investment of $1.15 billion is from a group comprising institutional investors, including funds and accounts advised by T. Rowe Price Associates, and existing partners GM, SoftBank Vision Fund and Honda.
Dan Ammann, Cruise CEO, says: “Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation.
“Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”
Cruise says this investment increases Cruise’s post-money valuation to $19 billion, inclusive of SoftBank Vision Fund’s previously announced investment commitment.
In the last year, Cruise has secured capital commitments totaling $7.25 billion.
