One startup focused on self-driving electric vehicles just landed a major investment . . .
. . . Totaling $2 billion. The investors are Microsoft (NASDAQ: MSFT), General Motors (NYSE: GM) and Honda (NYSE: HMC), according to The Wall Street Journal.
It’s the latest signal that big tech and big automakers are jumping into self-driving electric vehicles (EVs).
Cruise (private) just landed a major financing.
The startup for self-driving electric vehicles is valued at $30 billion. And this new round of financing will provide the California company with $2 billion.
The private company’s valuation has jumped 58% since 2019.
Cruise is majority-owned by General Motors since 2016.
GM bought a controlling stake in the self-driving electric vehicles company for $1 billion. At the time the company had just 40 employees. Today, nearly 2,000 people work for Cruise.
Cruise then raised an additional $7 billion from SoftBank Group and Honda in 2018 and 2019.
The company initially planned to introduce an autonomous ride-hailing service at the end of 2019. However, the company missed that goal and hasn’t provided a revised timeline.
Cruise is led by a former president at General Motors. Plus, the company just hired the former operations chief at Delta Air Lines.
Microsoft will become a strategic partner with the EV company. Cruise will use Microsoft’s cloud computing solutions for its self-driving electric vehicles.
Autonomous cars are required to track tons of data in the cloud. And the storage and analysis of this data is crucial for the automakers to continue to make improvements to their self-driving electric vehicles.
Cruise could’ve partnered with Amazon Web Services or AWS from Amazon (NASDAQ: AMZN). However, the investment from Microsoft helped secure the partnership between the two companies.
Microsoft knows that this Pre-IPO investment will assure a long-term partnership. Plus, the deal allows the company to secure shares before a future initial public offering.
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