Self-Driving Car Co. Cruises To $30B Value With New Funds

Law360 (January 19, 2021, 6:01 PM EST) -- General Motors-backed electric driverless vehicle startup Cruise, advised by Latham & Watkins, unveiled a $30 billion valuation Tuesday as it announced new equity investments and a strategic partnership with Microsoft.

Cruise LLC, which is a subsidiary of Kirkland & Ellis LLP-led General Motors Co., said in a news release that it hit the new valuation after being fueled by a $2 billion investment from GM, Microsoft, Honda and other institutional investors. Cruise and GM revealed the new funding the same day as automotive investors fueled Ford and Amazon-backed electric vehicle startup Rivian with $2.65 billion.

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