The San Francisco-based tech unit pulls in added funding from T. Rowe Price, existing investors SoftBank and Honda and GM itself.
Share to twitterThe interior of a Chevrolet Bolt electric car modified for use in Cruise's self-driving vehicle fleet.Cruise, the self-driving technology arm of General Motors, has raised a further $1.15 billion to help commercialize its efforts, with the funding coming from parent GM and previous investors SoftBank Vision Fund and Honda.
With the added investment, on top of previous deals with SoftBank and Honda, San Francisco-based Cruise estimates its valuation is now $19 billion. A portion of the latest funds also comes from T. Rowe Price and accounts it advises, the company said in an emailed statement. “Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation,” Dan Ammann, Cruise’s CEO, said in a statement. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”is betting on Cruise to help the carmaker remain competitive as the auto industry transitions to an era of on-demand ride services utilizing autonomous vehicles.
GM bought startup Cruise in 2016 in a deal estimated to be worth nearly $1 billion. In the past year the company has raised $7.25 billion from outside investors. Tesla CEO Elon Musk last month claimed the electric-car maker would be ready to launch its own network of on-demand driverless vehicles by as early as next year, though there’sBarra has said electric Chevrolet Bolts in the Cruise fleet would be deployed in a limited commercial program this year, though Cruise didn’t provide an update on that plan today. Cruise tests mainly in San Francisco, though it also has operations in Seattle, Phoenix and Pasadena, California.
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