Cruise ropes in $1.15b in Recent Funding

IOT News

Cruise-ropes-in-1.15b-in-Recent-Funding Cruise ropes in $1.15b in Recent FundingCruise LLC, General Motors’ self-driving unit, as per recent reports earlier this month, has announced closing a $1.15 billion equity investment round from a group of institutional investors, comprising of funds and accounts advised by T. Rowe Price Associates, Inc., along with Cruise’ existing partners General Motors, SoftBank Vision Fund, and Honda.

“Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation,” stated Dan Ammann, CEO, Cruise. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”

Last year, in Jun. 2018, Softbank announced investing $2.25 billion in the company, with GM investing $1.1 billion as part of the partnership. Also, in its earlier statement, Honda announced investing $2 billion over the span of 12 years to speed up the deployment process of self-driving cars, along with its $750-million equity investment in Cruise, which totals its commitment towards the project at $2.75 billion.

With this recent investment, Cruise has to date, successfully secured a capital investment of $7.25 billion in total. Also, with this recent investment Cruise’s post-money valuation now stands at $19.0 billion, which is inclusive of SoftBank Vision Fund’s previously announced investment commitment.