First close initiated by Cruise Automation after raising 67% of its $3 million target

XDATA – December 3rd 2015
One investor bought $2 million worth of mezzanine securities from Cruise Automation on November 18th. According to the data disclosed, the company expects to raise a total of $3 million via this non-brokered financing. $1 million in additional funding can be raised before November 2016 based on the placement’s structure. One prior placement was closed under regulation D by the company and raised an estimated $16.89 million.
Cruise Automation commercializes RP-1 an autopilot for cars. It controls steering, throttle, and braking, making sure the car remains safely in its lane and a safe distance from the car in front. Investors include Spark Capital and Y Combinator.
Kyle Vogt (President) leads the San Francisco CA based company which was registered in 2013. Cruise Automation kept its revenues undisclosed.
The board of directors includes Nabeel Hyatt.

The company has raised an estimated total of $18.89 million via private unregistered security offerings.

Offering recap
Status: First close
Company: Cruise Automation
Industry: Other Technology
Amount offered: $3 million
Amount placed: $2 million
SEC filing: Source
First sale: 11-18-2015
Data as of: 12-01-2015

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