Walmart invests $2.75 billion in self-driving startup Cruise

Self-drive automaker Cruise, backed by General Motors Co, has raised $2.75 billion in its latest funding round with additional investment from Walmart Inc and others

The lastest investments takes the startup’s valuation over $30 billion.

The announcement comes a week after peer TuSimple revealed plans for an initial public offering (IPO), at a time when self-drive technology is yet to be commercialised.

In January, Cruise said Microsoft Corp would join General Motors, Japan’s Honda Motor Co Ltd and institutional investors for a combined new equity investment of over $2 billion.

Earlier this week, Cruise said it planned to begin deploying a limited number of its Origin vehicles for ride-hail services in Dubai from 2023, its first overseas commercial service.

Cruise’s relationship with Walmart includes a trial delivery service in Scottsdale, Arizona, announced in November.