Earlier today, General Motors’ Cruise received a $2.25 billion investment from SoftBank’s Vision Fund. Once that deal closes, GM will invest another $1.1 billion.
SoftBank landed on Cruise because it’s one of “a handful that in our view have a meaningful opportunity in front of them,” SoftBank Vision Fund Managing Partner Michael Ronen told TechCrunch. Cruise’s integrated play of hardware and software attracted SoftBank, Ronen said, as well as the fact that Cruise’s spirit, creativity and energy “has not been diminished at all.”
These investments are expected to enable Cruise to deploy commercially starting next year. But what’s most important about this investment to Cruise CEO Kyle Vogt, he told TechCrunch, is the fact that Cruise — which sold to GM for more than $1 billion in 2016 — now has stock and equity in the company again.
That’s because “we’re in a war right now to attract the greatest minds in the world to work on this,” Vogt told me. And in order to keep those great mind..