The immediate future of self-driving cars may be uncertain, but spending on autonomous technology is still going at full speed: GM has bought a startup in the space for a reported $1 billion.
That s San Francisco-based Cruise Automation, a 3-year-old startup that says it has built the first autopilot system that can be installed on existing vehicles. While General Motors did not disclose terms, Fortune reports that the deal is worth more than $1 billion in cash and stock.
If that s accurate, it highlights GM s full-throttle push toward self-driving cars and the growing competition between car makers and tech companies. Since the beginning of the year, GM has invested $500 million in Lyft, Uber s top competitor, and bought the assets of Sidecar, another ride-booking company. GM in January launched Maven, its ride-sharing service. The ride- sharing/hailing/booking industry is quite interested in the technology that might one day make the is the driver a contractor vs. employee question moot.
Cruise Automation, which has 40 employees, will continue to operate independently in San Francisco, according to the GM press release today. The startup had raised about $18 million, including from investors such as Sam Altman and Spark Capital.
CB Insights, which keeps track of venture investments, notes that GM has been the most active car-maker investor in private companies lately, with more than 10 investments since 2010.
Photo: General Motors President Dan Ammann, right, with Cruise Automation co-founders Kyle Vogt, center, and Daniel Kan, left. (Courtesy of GM)
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