GM’s self-driving division Cruise raises $1.15 billion

General Motor’s self-driving division Cruise has raised $1.15 billion USD (roughly $1.5 billion CAD).

The investment came from accounts advised by T. Rowe Price Associates and existing paProbrtners General Motors, SoftBank Vision Fund and Honda, said Cruise to The Verge. This raises its cost to $19 billion USD (roughly $25.6 billion CAD), according to The Verge. 

GM bought the self-driving company in 2016 for one billion USD (roughly, $1.3 billion CAD).

The company has the same goal as Tesla and hopes to develop a fully autonomous ride-sharing fleet of cars without steering wheels and pedals.

Tesla and GM aren’t the only companies that are gunning for self-driving cars. Waymo has already deployed robot-taxis in Phenoix Arizona and, Apple possibly working on something too, but it’s being much more secretive.

Source: The Verge