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Cruise gets $1 billion in new investment, raising value to $19 billion

Self-driving technology company Cruise has raised $1.15 billion in fresh equity from a group comprising institutional investors, including funds and accounts advised by T. Rowe Price Associates, and existing partners General Motors, SoftBank Vision Fund and Honda.

Why it matters: Deploying self-driving vehicles requires massive amounts of capital, and investors are beginning to line up around a handful of AV companies they think have the best shot. In the past year, Cruise has secured capital commitments totaling $7.25 billion.

  • The latest investment puts Cruise's post-money valuation to $19.0 billion.

"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."

What to watch: AV companies are in a war for talent. The fresh capital could help Cruise attract top engineers looking for the winning hand.