GM Cruise LLC has secured a $1.15 billion equity investment to continue pursuing development of a line of advanced, self-driving vehicles. The funding comes from a group comprised of 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,” GM Cruise CEO Dan Ammann said in a statement. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”
This investment increases the San Francisco-based company’s post-money valuation to $19 billion, inclusive of SoftBank Vision Fund's previously announced investment commitment. In the last year, GM Cruise has secured capital commitments totaling $7.25 billion.
Cruise was founded in 2013. In 2016, the startup teamed with the Detroit-based automaker to scale its vision for “a driverless future.” Together, Cruise and GM have invested more than $14 million in an R&D facility in San Francisco and expanded the workforce by 1,100 full-time employees. The company has raised a total of $5.7 billion in funding over seven rounds, according to Crunchbase.