| 10:51 AM EST

GM Cruise Picks Up Another $1.2 Billion in Funding

GM Cruise LLC has received $1.2 billion from institutional investors, thereby hiking the market value of the autonomous-car startup to $19 billion.
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GM Cruise LLC has received $1.2 billion from institutional investors, thereby hiking the market value of the autonomous-car startup to $19 billion.

The latest round of equity investment came from current stakeholders, such as GM, Honda and SoftBank Group, and an array of newcomers that includes T. Rowe Price Associates.

GM acquired the former Cruise Automation Inc., a San Francisco-based developer of software to control self-driving vehicles, in 2016 for about $1 billion. The company has been headed since Jan. 1 by Dan Ammann, GM’s former president.

Ammann’s primary goal is to scale up the company and commercialize its capabilities. Cruise has said it intends to launch a fleet of self-driving taxis by the end of 2019.

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