It’s big news for us and everyone who trusted and backed Cruise, The Driverless Revolution. Zillionize invested in Cruise as a seed round investor. After one year, Cruise raised $12.5M in Series A round and now GM is buying Cruise for “north of $1 billion”. That’s awesome!
General Motors this morning announced that it will acquire Cruise Automation, a San Francisco-based developer of autonomous vehicle technology. No financial terms were disclosed, but Fortune has learned from a source close to the situation that the deal is valued at “north of $1 billion,” in a combination of cash and stock.
Cruise Automation had raised over $18 million in venture capital funding, most recently at a post-money valuation of around $90 million. Investors include Spark Capital, Maven Ventures, Founder Collective, and Y Combinator.
The three-year old company is best known for having created an aftermarket “kit” that allows buyers to convert certain types of cars―namely Audi A4 and S4 models―into autonomous vehicles for highway driving. But GM appears to be more interested in integrating Cruise’s technology into its original manufacturing process.
Please read full story at FORTUNE.