Cruise has received an additional equity investment of $1.15 billion from a group 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,” Cruise's chief executive officer, Dan Ammann, said in a statement. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”
Cruise said that the new investment increased Cruise's post-money valuation to $19.0 billion, inclusive of SoftBank Vision Fund's previously announced investment commitment.
In the last year, Cruise has secured capital commitments totaling $7.25 billion.
Founded and headquartered in San Francisco, with offices in Seattle, Pasadena, and Phoenix, Cruise's stated goal is to build “the world's most advanced self-driving, all-electric vehicles that safely connect people to the places, things, and experiences they care about.”
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].