Cruise is set to receive the balance of the $2.25bn pledged by SoftBank Vision Fund in 2018 after commercially launching its autonomous taxi service in San Francisco.

Internet and telecommunications group SoftBank’s Vision Fund is set to invest $1.35bn in US-based autonomous driving technology developer Cruise, which launched its driverless taxi service yesterday.

Founded in 2013, Cruise has developed self-driving electric vehicles designed to be deployed as taxis. Automotive manufacturer General Motors (GM) acquired the company in a $1bn deal in 2016, before spinning it off again in 2018.

SoftBank supplied an initial $900m for the company the same year with a commitment to provide…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.