Nuro Secures $203m in Series E Funding, Valued at $6bn

Autonomous driving technology startup Nuro has completed a Series E funding round, raising a total of $203m. The company's valuation is now at $6bn. The funding includes contributions from new and existing investors, including Uber, Nvidia, and Baillie Gifford. Nuro aims to expand its AI-driven autonomous technology and strengthen its commercial collaborations. The company has amassed over $2.3bn in funding to date.

Autonomous driving technology startup Nuro has successfully completed a Series E funding round, securing $203 million in additional capital. This latest round brings the company's total funding to over $2.3 billion, valuing it at $6 billion [1].

The funding round, which includes contributions from both new and existing investors, has been led by a mix of prominent names such as Uber, Nvidia, Icehouse Ventures, Kindred Ventures, and Pledge Ventures, alongside returning backer Baillie Gifford. The latest tranche of $97 million complements the initial segment of $106 million disclosed in April [1].

This latest injection of capital is crucial for Nuro's expansion plans. The company aims to further develop its AI-driven autonomous technology and strengthen its commercial partnerships. Notably, Nuro's partnership with Uber and Lucid to launch a global robotaxi service is a significant milestone. This collaboration involves deploying over 20,000 Lucid vehicles equipped with Nuro's Driver technology across multiple international markets, starting with a major US city next year [2].

Nuro's technical partnership with Nvidia has evolved into an investment relationship, with the company's latest computing module based on the Nvidia DRIVE AGX Thor platform. This platform utilizes Nvidia GPUs for extensive data processing and model training in the cloud, a testament to Nuro's commitment to cutting-edge technology [1].

Dave Ferguson, Nuro's president and co-founder, expressed the company's confidence in the new capital. "The closing of our Series E reinforces the strong conviction our investors and strategic partners have in Nuro’s technology, our scalable approach to commercialisation, and our vision for the future of autonomy," he said. "With this new capital, we’re well-positioned to continue our next phase of growth, which will see us focus on delivering new commercial partnerships to realise autonomy at global scale" [1].

The funding round underscores Nuro's progress in the autonomous driving sector, where it has successfully deployed autonomous vehicles at city scale without the need for safety drivers, a significant achievement that sets it apart from competitors like Tesla [2].

References:
[1] https://www.just-auto.com/news/nuro-series-e-funding-round/
[2] https://www.siliconrepublic.com/machines/self-driving-tech-start-up-nuro-raises-203m-at-6b-valuation-nvidia-and-uber-on-board