Nvidia has stepped up as a key investor in Nuro, a pioneering company focused on self-driving technology for delivery and ride-hailing services, in a remarkable funding round totaling $203 million.
On Thursday, the innovative Silicon Valley startup revealed that it has successfully raised an additional $97 million during its Series E funding round, attracting both new and existing investors. Notable participants include Icehouse Ventures, Kindred Ventures, Nvidia, and Pledge Ventures, alongside returning supporter Baillie Gifford. Additionally, Uber, which previously announced plans for a substantial investment in Nuro as part of a broader agreement with electric vehicle manufacturer Lucid, has also joined the funding effort. Read more about Uber’s investment here.
Nvidia’s involvement comes after years of collaborative technical efforts with Nuro. The startup leverages Nvidia’s powerful GPUs for extensive data processing and model training, utilizing the latest Nvidia Drive AGX Thor platform for its compute model.
The initial tranche of $106 million in Series E funding was disclosed in April, with participation from investment firms including T. Rowe Price Associates, Fidelity Management & Research Company, Tiger Global Management, Greylock Partners, and XN.
To date, Nuro has successfully raised a total of $2.3 billion, with its Series E post-money valuation reaching $6 billion. However, this marks a significant 30% decline from its valuation of $8.6 billion in 2021, when it secured $600 million during its Series D funding round.
The landscape has shifted dramatically over the past four years for Nuro and the broader autonomous vehicle sector. Like many startups in this emerging field, Nuro had to reassess its business model amid challenging economic conditions that curtailed funding and initiated a phase of consolidation.
Nuro underwent multiple rounds of layoffs in 2022 and 2023 while revamping its business strategy. In 2024, the company pivoted from plans to operate its own fleet of low-speed delivery robots, now focusing on licensing its self-driving technology to automakers and mobility service providers.
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Nuro’s strategic pivot appears to be gaining momentum, particularly after Uber revealed plans to launch a robotaxi service utilizing all-electric Lucid Gravity SUVs integrated with Nuro’s advanced self-driving technology. Under this partnership, Uber has committed $300 million to Lucid and intends to purchase at least 20,000 Gravity SUVs over the next six years.
Uber has also pledged an undisclosed “multi-hundred-million dollar” investment in Nuro, with sources suggesting that this amount surpasses the investment in Lucid.
Part of Uber’s investment is allocated to Nuro’s Series E round, with the remaining funds set to be distributed as Nuro meets specific milestones.
Nuro co-founder and president, Dave Ferguson, expressed confidence in the company’s future, stating that it is well-positioned for growth with the influx of new capital. He noted that the company, which employs approximately 700 people, is focused on cultivating new commercial partnerships to achieve global autonomy.
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