General Motor’s self-driving car division, Cruise has raised $1.15 billion in its latest funding round.
The company’s latest funding has raised the self-driving unit’s vale to £19 billion.
According to CNBC News, General Motor’s received the investment from existing investors, SoftBank Vision Fund and Honda as well as funds and accounts advised by T. Rowe Price Associates and other institutional investors.
General Motors has said that the boost brings investments in Cruise over the past year to $7.25 billion, including money funneled in from the parent company, reports CNBC.
Cruise CEO Dan Ammann said, ‘Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation.’
‘Having deep resources to draw on as we pursue our mission is a critical competitive advantage,’ continued Ammann.
The CNBC states that Cruise raised $2.25 billion from Japanese tech investment firm SoftBank and $2.75 billion from Honda last year.