SAN FRANCISCO, CA, May 7, 2019--Cruise announced today 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. 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 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.
MEDIA CONTACT: Ray Wert | (517) 881-7508 | firstname.lastname@example.org