March 15, 2016

GM Buys Software Startup for $1B to Boost Its Driverless Car Capabilities

A billion dollars for autonomous vehicles is serious money, even for General Motors.

On Friday, March 11, GM acquired self-driving software startup Cruise Automation, for an amount that Fortune reported as “north of $1 billion.” Cruise Automation, based in San Francisco, is only three years old. Although Cruise Automation is primarily known for its aftermarket products, which allow owners to give their cars unmanned capabilities, GM certainly focused on the company to use its technology in its own cars.

While drones get most of the press in the world of unmanned capital transactions, in the near term, there's more money in the automotive industry.

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