Cruise, General Motors' self-driving car company, recently fund raised over $1.15 billion which puts the company worth around $19 billion. Several investors put their money into the autonomous vehicle company including GM, SoftBank's 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."
Cruise has now raised $7.25 billion in the last year, it said. The company, based in San Francisco, has grown from 40 employees to more than 1,000. It was founded in 2013. It continues to say it will launch an autonomous electric vehicle sometime this year.
GM acquired the company for more than $1 billion. When it acquired Cruise, GM noted the company's strong push to develop and test autonomous vehicle technology.
"Cruise provides our company with a unique technology advantage that is unmatched in our industry. We intend to invest significantly to further grow the talent base and capabilities already established by the Cruise team," said Mark Reuss, GM Executive Vice President of Global Product Development, Purchasing and Supply Chain.
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