Walmart Bets On Cruise, Lifting Robotaxi Startup’s Latest Round To $2.75 Billion

Walmart Bets On Cruise, Lifting Robotaxi Startup’s Latest Round To $2.75 Billion

An autonomous electric Cruise test vehicle logging miles in San Francisco.

Cruise

Cruise, the self-driving startup backed by General Motors, said Walmart and institutional investors have joined a previously announced funding round, boosting the total haul to $2.75 billion. That may also make it the industry's best-funded autonomous tech developer.  

Walmart joined a round initially disclosed in January that included Microsoft and which, at the time, Cruise said brought in $2 billion. San Francisco-based Cruise didn't immediately identify the other investors that, along with the retail giant, accounted for the $750 million increase. Led by former GM President Dan Ammann, Cruise estimates its current valuation is more than $30 billion. It also counts Honda and Softbank as investors and partners. 

“This investment is a marker for us. It shows our commitment to bringing the benefit of self-driving cars to our customers and business,” John Furner, Walmart's president and CEO for the U.S., said in a blog post. The companies began working together on a delivery pilot program in Scottsdale, Arizona, in November 2020 and “we've been impressed with Cruise's differentiated business model, unique technology and unmatched driverless testing,” he said.

Cruise's focus is developing technology for a robotaxi service it plans to