Cruise Secures $1.15 Billion in New Funds

SAN FRANCISCO – Cruise, a developer of self-driving vehicles, has secured an equity investment of $1.15 billion 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,” said Cruise CEO Dan Ammann. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”

This investment increases Cruise’s post-money valuation to $19.0 billion, inclusive of SoftBank Vision Fund’s previously announced investment commitment. Last June, Softbank agreed to invest $2.25 billion in the comany. In the last year, Cruise has secured capital commitments totaling $7.25 billion.

Cruise participated in Y Combinator in 2014 and partnered with GM in 2016.