San Francisco, California – General Motors’ Cruise Automation subsidiary raised $1.15 billion from institutional investors organized by T. Rowe Price Associates Inc. and existing partners including GM, Honda, and SoftBank’s Vision Fund.
The latest investment round follows a $2.75 billion investment by Honda late last year and other multi-billion-dollar fund raises. The latest round pegs the total value of the division at $19 billion.
“Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation,” said Cruise CEO Dan Ammann, a former longtime GM executive. “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”
In the last year, Cruise has secured capital commitments totaling $7.25 billion.