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.
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