Total amount raised
$16 Billions
Latest funding date
Location
Cruise has successfully raised significant funding through multiple rounds, with its latest funding round being a Corporate Round closed on June 11, 2024. The company is backed by 46 investors, including General Motors.
Keep reading to explore the intricacies of Cruise's fundraising journey and the investors supporting this innovative autonomous vehicle company.
What Is Cruise?
Cruise, founded in October 2013 by Daniel Kan and Kyle Vogt, is an autonomous vehicle company based in San Francisco, California. The company focuses on developing electric cars designed for urban mobility, aiming to create safer and more efficient transportation solutions.
With a workforce of 1001-5000 employees, Cruise offers a range of services including Driverless Ridehail, Delivery Services, and Remote Assistance. Their mission is to connect people with places, things, and experiences they care about through advanced self-driving technology.
Acquired by General Motors, Cruise continues to innovate in the field of autonomous vehicles, contributing to a future of zero congestion and enhanced urban mobility.
How Much Funding Has Cruise Raised?
- Convertible Note
- Amount Raised: $2M
- Date: November 2015
- Lead Investors: Qualcomm Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and operational costs.
- Corporate Round
- Amount Raised: $2B
- Date: May 2018
- Lead Investors: General Motors, SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of autonomous vehicle technology.
- Corporate Round
- Amount Raised: $750M
- Date: October 2018
- Lead Investors: Honda Motor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance strategic partnerships and expand technological capabilities.
- Corporate Round
- Amount Raised: $1.2B
- Date: May 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and test autonomous vehicle technology.
- Corporate Round
- Amount Raised: $2B
- Date: January 2021
- Lead Investors: General Motors, Microsoft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and prepare for commercial deployment.
- Corporate Round
- Amount Raised: $750M
- Date: April 2021
- Lead Investors: Walmart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand delivery services and enhance logistics capabilities.
- Debt Financing
- Amount Raised: $5B
- Date: June 2021
- Lead Investors: GM Financial
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the commercialization of autonomous ride-hailing services.
- Corporate Round
- Amount Raised: $1.4B
- Date: February 2022
- Lead Investors: General Motors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue the development of self-driving technology and expand fleet size.
- Secondary Market
- Amount Raised: $2.1B
- Date: March 2022
- Lead Investors: General Motors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity for early investors and employees.
- Corporate Round
- Amount Raised: $850M
- Date: June 2024
- Lead Investors: General Motors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance technological advancements.
Total Amount Raised: $16.05B. Current Valuation: Not publicly disclosed.
Key Investors
- General Motors
- Details: General Motors (GM) is an American multinational corporation headquartered in Detroit, Michigan. It designs, manufactures, markets, and distributes vehicles and vehicle parts, and sells financial services.
- Investment Focus Areas: Automotive, electric vehicles, autonomous vehicles.
- Notable Investments: Cruise, Rivian, Nikola.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a subsidiary of SoftBank Group, one of the largest technology-focused venture capital funds globally. It invests in companies that are driving the next stage of the Information Revolution.
- Investment Focus Areas: Artificial intelligence, robotics, telecommunications.
- Notable Investments: Uber, WeWork, Arm Holdings.
- Honda Motor
- Details: Honda Motor Co., Ltd. is a Japanese public multinational conglomerate known for manufacturing automobiles, motorcycles, and power equipment. It is headquartered in Tokyo, Japan.
- Investment Focus Areas: Automotive manufacturing, electric vehicles, mobility solutions.
- Notable Investments: Cruise, Waymo, Grab.
- Microsoft
- Details: Microsoft Corporation is an American multinational technology company headquartered in Redmond, Washington. It develops, manufactures, licenses, supports, and sells computer software, consumer electronics, and personal computers.
- Investment Focus Areas: Cloud computing, artificial intelligence, software development.
- Notable Investments: LinkedIn, GitHub, OpenAI.
- Walmart
- Details: Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. It is headquartered in Bentonville, Arkansas.
- Investment Focus Areas: Retail innovation, supply chain improvements, e-commerce.
- Notable Investments: Flipkart, Jet.com, Dada-JD Daojia.
What's Next for Cruise?
With a $5 billion credit line secured from GM Financial, Cruise is poised to revolutionize urban mobility through its autonomous ride-hailing services. The company is gearing up for the commercial production of its self-driving Origin shuttles, which are designed to operate without manual controls. This move positions Cruise to tap into the multitrillion-dollar autonomous vehicle market, offering significant growth potential.
Future fundraising opportunities appear promising, given the substantial financial backing from major investors like Honda, SoftBank Vision Fund, Walmart, and Microsoft. However, Cruise will need to navigate technical and regulatory challenges to ensure the successful deployment of its autonomous fleet. As the industry consolidates, Cruise's ability to innovate and secure additional funding will be crucial for maintaining its competitive edge.
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