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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.

Go deeper

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

8 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios