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GM Cruise receives $2.25 billion funding from SoftBank

The U.S. self-driving vehicle Cruise Automation earned $2.25 billion fund from SoftBank after the Committee on Foreign Investment in the US (CFIUS) authorized the investment.

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.

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Credits: asia.nikkei.com

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.

Cruise’s latest funding round gave them over $7.25 billion led by T. Rowe Price Group, as well as, GM, Honda Motor Co. Ltd and SoftBank.

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