Autonomous vehicle startup Nuro has raised 203 million dollars in its Series E funding round, with new investments from NVIDIA, Icehouse Ventures, Kindred Ventures, and Pledge Ventures. Existing backers Baillie Gifford and Uber also contributed, adding another 97 million dollars to the round announced earlier this year. This latest funding brings Nuro’s total capital raised to 2.3 billion dollars. However, its valuation now stands at 6 billion dollars, a decline from the 8.6 billion dollar valuation during its Series D round in 2021.
The fresh investment highlights Nvidia’s ongoing partnership with Nuro, as the startup relies on Nvidia GPUs for large-scale data processing and model training. Nuro’s latest compute model has been developed on the Nvidia Drive AGX Thor platform. Uber’s multi-hundred-million-dollar stake further strengthens its collaboration with Nuro, following the July agreement with Lucid to launch a robotaxi service using Lucid Gravity SUVs powered by Nuro’s autonomous driving technology.
The company has faced challenges in recent years, including industry headwinds and workforce reductions in 2022 and 2023. In response, Nuro has shifted its focus from operating its own fleet to licensing its self-driving technology to automakers and ride-hailing platforms. This strategy has already shown results, particularly through its partnership with Uber.
Dave Ferguson, co-founder and president of Nuro, said the company is now focused on expanding through commercial partnerships: “We are well-positioned to continue our next phase of growth with the new capital.”
With a workforce of about 700 employees, Nuro is moving forward with its redefined model of enabling fleets through partnerships rather than managing them directly. This marks a significant moment in its journey towards making autonomous mobility scalable and commercially viable.
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