- Autonomous delivery company Nuro announced it has raised $500 million in funding. These are the details.
Autonomous delivery company Nuro announced it has raised $500 million in funding. This round of funding was at a post-money valuation of $5 billion.
This funding round was led by funds and accounts advised by T. Rowe Price Associates with participation from new investors including Fidelity Management & Research Company and Baillie Gifford. And the funding round also includes existing investors such as SoftBank Vision Fund 1 and Greylock.
Nuro is known for designing and engineering electric self-driving road vehicles that transport goods instead of people. And Nuro built its second generation vehicle R2 to autonomously deliver a wide range of goods: prepared food, groceries, medicine, and retail products.
This round of funding comes on the heels of multiple significant advancements since Nuro last raised $940 million in February 2019 for its Series B. And these include the first and only federal exemption for an autonomous vehicle granted by the U.S. Department of Transportation (DOT) and National Highway Traffic Safety Administration (NHTSA), thus expanding its partnerships with some of the world’s most respected household brands, including Domino’s, Walmart, Kroger and CVS. Plus the company also achieved a first of its kind milestone, operating R2 fully autonomously on public roads in three different states – California, Texas, and Arizona – with no drivers, no occupants, and no chase cars.
This funding round, combined with strong results across all aspects of its business, demonstrates Nuro’s position as a leader in autonomous goods delivery and it is a meaningful step towards achieving its vision of accelerating the benefits of robotics for everyday life.
Nuro was originally founded in June 2016 by former Google engineers Dave Ferguson and Jiajun Zhu.
KEY QUOTE:
“We are witnessing an unprecedented shift in consumer demand for safe and affordable local delivery services. This funding, which brings us together with many of the world’s top investors, positions Nuro confidently toward a future where our world-class technology is adopted into people’s everyday lives.”
— Jiajun Zhu, CEO and Co-founder of Nuro
