Business & EconomyBusiness LineBusiness NewsInfo-Tech

Self-driving startup Cruise raises $2.75 billion from Walmart

With the ongoing market stress, more and more ventures are gaining funds, raising the valuation, and growing exponentially in the tech world. On Thursday, the Self-drive automaker Cruise, which is backed by General Motors said it has raised $2.75 billion in its latest series funding round with additional investment from well-known market body Walmart and others. This fundraising round took the startup’s valuation over $30 billion, which is quite impressive.  

One of the spokeswomen of Cruise said- “We are focused on our path to commercialization right now but the IPOs happening in the space right now is a great indication of the strength of the industry and the opportunity self-driving presents”. 

Early in 2021, the San Francisco-based automakers startup said that Microsoft would join General Motors, Japan’s Honda, and institutional investors for a combined new equity investment of over 2 billion dollars. 

That’s the time when the venture started experiencing its actual growth and marked its footprints in the high-tech marketplace. 

Whereas currently, on Monday the company said it planned to begin deploying a limited number of its Origin vehicles for the service of ride-hail particularly in Dubai most probably from 2023. This would be the company’s first-ever overseas commercial service. 

With the advent of Technology and demanding customers, these high-tech automakers’ services are one of the high in demand products right now.

Lastly, while commenting on the growth rate of Cruise, Grayson Brulte, President at Consultancy Brulte & Co. Said- At the end of the day it will come down to who can cut the best deals which long term generate revenue and profits.

Moreover, the company built a strong relationship with Walmart which involves a trial delivery service in Scottsdale, Arizona, which was announced in November last year. 

Note: This news is based on millions of articles over the internet, Global Business Line does not take any responsibility for the facts and information mentioned in this news article.

Content Protection by

Back to top button

Adblock Detected