Nuro Announces $500 Million Financing Round
Series C funding secures path for company’s continued leadership in technology, partnerships, and AV deployments
Nuro is raising a $500 million Series C round of funding, led by funds and accounts advised by T. Rowe Price Associates, with participation from new investors including Fidelity Management & Research Company, and Baillie Gifford. The round also includes existing investors such as SoftBank Vision Fund 1 and Greylock.
The company designs and engineers electric self-driving road vehicles that transport goods instead of people. Nuro built its second generation vehicle, R2, to autonomously deliver a wide range of goods – prepared food, groceries, medicine, and retail products – safely and securely.
“We are witnessing an unprecedented shift in consumer demand for safe and affordable local delivery services,” said Jiajun Zhu, CEO and Co-founder of Nuro. “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.”
This fundraising round comes on the heels of multiple significant advancements since Nuro last raised $940M in February 2019 for its Series B. 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); expanding its partnerships with some of the world’s most respected household brands, including Domino’s, Walmart, Kroger and CVS; and achieving 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.
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This significant capital injection, combined with strong results across all aspects of its business, demonstrates Nuro’s position as a leader in autonomous goods delivery, and is a meaningful step towards achieving its vision of accelerating the benefits of robotics for everyday life.
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