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.