General Motors closes Cruise Automation acquisitionStaff writer ▼ | May 14, 2016
General Motors announced it has completed the closing of the acquisition of Cruise Automation.
Acquisition A San Francisco self-driving vehicle startup has been sold
GM and Cruise did not disclose the value of the deal. Technology website Re/Code cited sources as saying GM paid $1 billion.
GM initially planned an investment in the company but moved within five weeks to buy Cruise outright, said venture partner Nabeel Hyatt of Spark Capital, an investor in Cruise.
Cruise, which has 40 employees, was launched in 2013 and has raised $20 million in venture capital, founder Kyle Vogt said in an interview, Reuters reports. ■