Cruise Automation had quietly raised money via AngelList.
General Motors GM -1.50% earlier this month said that it had agreed to acquire Cruise Automation, a San Francisco-based developer of autonomous vehicle technology, for what Fortune reported was more than $1 billion in cash and stock. The deal was a giant step toward mass-produced self-driving cars but, what we didn’t realize at the time, is that it also was a huge milestone for equity crowdfunding. In short, it is the equity crowdfunding market’s first-ever $1 billion exit.
