Total amount raised
$2.1 Billions
Latest funding date
Location
Nuro has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company is dedicated to developing and operating a fleet of electric and autonomous vehicles.
Keep reading to explore the intricacies of Nuro's fundraising journey and the investors backing this innovative platform.
What Is Nuro?
Nuro, founded in 2016 by Dave Ferguson and Jiajun Zhu, is based in Mountain View, California. The company specializes in developing autonomous vehicle technology aimed at transforming local commerce through self-driving delivery vehicles.
With a team of 501-1000 employees, Nuro focuses on creating scalable AI drivers for various applications, including logistics and passenger mobility. Their fleet of electric and autonomous vehicles helps merchants deliver goods efficiently and safely.
Committed to innovation and safety, Nuro continues to push the boundaries of autonomous driving technology, making significant strides in the field over the past several years.
How Much Funding Has Nuro Raised?
- Series A
- Amount Raised: $92M
- Date: January 2018
- Lead Investors: Gaorong Capital, Greylock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial prototypes and technology for autonomous delivery vehicles.
- Series B
- Amount Raised: $940M
- Date: February 2019
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and further develop autonomous vehicle technology.
- Series C
- Amount Raised: $500M
- Date: November 2020
- Lead Investors: T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the fleet and enhance delivery services.
- Series D
- Amount Raised: $600M
- Date: November 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: $8.6B
- Motivation Behind the Round: To accelerate commercialization and support strategic partnerships.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: February 2024
- Lead Investors: Disney Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage strategic partnerships for technology development.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: April 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity for early investors and employees.
Total Amount Raised: $2.132B
Current Valuation: $8.6B
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies in the technology sector. They have a strong track record of investing in high-growth companies.
- Investment Focus Areas: Technology, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify, Stripe.
- Alphabet Inc.'s Google
- Details: Google is a multinational conglomerate known for its search engine and various technology products and services. They have a significant presence in the autonomous vehicle space through their subsidiary, Waymo.
- Investment Focus Areas: Technology, artificial intelligence, autonomous vehicles.
- Notable Investments: Waymo, DeepMind, Calico.
- SoftBank Group Corp.'s Vision Fund 1
- Details: SoftBank's Vision Fund 1 is one of the largest technology investment funds in the world. It focuses on companies that are driving the next wave of innovation.
- Investment Focus Areas: Technology, artificial intelligence, robotics, telecommunications.
- Notable Investments: Uber, WeWork, Arm Holdings.
- Toyota Motor Corp.'s Woven Capital
- Details: Woven Capital is the investment arm of Toyota, focusing on innovative technologies and mobility solutions. They aim to create a safer and more efficient transportation ecosystem.
- Investment Focus Areas: Mobility, automation, artificial intelligence, smart cities.
- Notable Investments: Joby Aviation, Ridecell, May Mobility.
- Kroger Co.
- Details: Kroger is one of the largest supermarket chains in the United States. They have been investing in technology to enhance their supply chain and delivery capabilities.
- Investment Focus Areas: Retail, grocery, e-commerce.
- Notable Investments: Ocado, Home Chef, Vitacost.
What's Next for Nuro?
Nuro's future is brimming with opportunities, driven by its strategic partnership with Google Cloud and the expansion of its autonomous delivery services. With the approval to deploy up to 5,000 R2 vehicles on public roads, the company is poised to optimize delivery processes for retailers and businesses, potentially transforming local commerce.
As the demand for autonomous delivery solutions grows, Nuro may seek additional funding to scale its operations and enhance its technology. The recent $600 million funding round, which increased its valuation to $8.6 billion, indicates strong investor confidence and sets the stage for future investments from major corporations and venture capital firms.
However, Nuro faces significant challenges, including regulatory hurdles, high development costs, and competition from other well-funded startups like Waymo. Ensuring the safety and reliability of its autonomous vehicles will be crucial as the company navigates these obstacles and continues to innovate in the autonomous delivery space.
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