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takyon writes:

GM's self-driving division Cruise raises another $1.15 billion

Cruise Automation, the self-driving division of General Motors, announced on Tuesday that it has secured a $1.15 billion investment, raising its post-money valuation to an eye-popping $19 billion.

The money was raised 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," Cruise said in a statement.

It's another enormous boost for GM's Cruise. Last May, it announced a $2.25 billion investment from the SoftBank Vision Fund, a major venture investment effort that was started by the Japanese tech giant in 2016. Then, in October, GM said it would team up with Honda to design a purpose-built self-driving car. The Japanese automaker said it would devote $2 billion to the effort over 12 years, including a $750 million equity investment in Cruise.

GM bought Cruise in 2016 for $1 billion to jump-start its self-driving efforts. The company has said it plans to deploy its fully driverless cars, without steering wheel or pedals, for commercial ride-hailing use as early as 2019.

Also at Reuters, CNBC, and TechCrunch.

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