General Motors‘ self-driving car Cruise will now receive a total of $2.25 billion in funds from SoftBank Vision Fund. The agreement was first announced in May 2018, a time where SoftBank faces increasing U.S. scrutiny.
After a thorough review of the deal, CFIUS finally approved the investment. This will give SoftBank a spot on Cruise’s board. GM will also invest another $1.1 billion after the deal closes.
According to Michael Ronen, SoftBank Vision Fund Managing Partner, Cruise is one of a handful that in their view have a meaningful opportunity in front of them.
“Today’s news is another important step toward achieving our goal to develop and deploy self-driving vehicles at massive scale,” Dan Ammann, CEO of Cruise said in a statement to Reuters.