Autonomous

GM Cruise raises $1.15B to reach valuation of $19B

As it prepares to launch commercial Robo taxis this year, American driverless car company, GM Cruise, has announced that it has raised another $1.15 billion in new equity from a group of investors.

Honda, SoftBank Vision Fund, parent company GM, and T. Rowe Price Associates participated in investment increasing Cruise’s post-money valuation to $19 billion.

It is known that SoftBank Vision Fund had last year invested $2.25 billion in GM Cruise, further strengthening the company’s plans to commercialize AV technology at large scale.GM has also an agreement with Honda under which the Japanese automaker will invest $2 billion over the next 12 years.

A consortium of Japanese companies, including SoftBank and Toyota Motor, had last month made a commitment to invest $1 billion in Uber’s self-driving unit which makes this announcement interesting.

Source: Press Release

Tags

Related Articles