Voyage partners with a pair of retirement communities in Florida and San Jose. (Courtesy of Voyage)
General Motors-owned Cruise is acquiring smaller rival Voyage in another sign that a handful of leading players are starting to dominate the autonomous vehicle race.
- The deal follows similar M&A transactions in the past year, including Aurora's deal to buy Uber's self-driving division and Amazon's purchase of Zoox. SPACs have also been shaking up driverless cars: Light detection and ranging companies AEye, Luminar, Ouster and Innoviz all recently made deals to go public through blank-check mergers.
- Financial details of the transaction were not disclosed. Voyage was valued at $155 million in 2019, according to PitchBook data, and has been backed by Khosla Ventures, Initialized Capital and Franklin Templeton. Voyage CEO Oliver Cameron is joining Cruise as vice president of product.
- Palo Alto-based Voyage operates a low-speed taxi service at two large retirement communities in Florida and San Jose. Cruise began testing fully driverless vehicles, known as Level 4 autonomy, in San Francisco in December.