GM Cruise raises $1B as it eyes robotaxi launch
The new funding, says the company, comes from a group comprising institutional investors, including funds and accounts advised by T. Rowe Price Associates, Inc., and 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,” says Cruise CEO Dan Ammann. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”
The company has indicated that it plans to introduce a self-driving taxi service in 2019. Earlier this year, a Cruise spokesperson said the company plans to add an extra 1,000 workers – mostly engineers – to its team as the year progresses, effectively doubling its work force.
The latest investment increases the company’s post-money valuation to $19.0 billion, inclusive of SoftBank Vision Fund’s previously announced investment commitment. In the last year, the company says it has secured capital commitments totaling $7.25 billion.
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