Nuro Announces $600 Million Series D to Accelerate Commercialization of Autonomous Delivery Vehicles
Less Driving. More Thriving.
Today, Nuro, a global leader in autonomous driving technology, announced the completion of a $600 million Series D funding round led by Tiger Global Management, with participation from Baillie Gifford, Fidelity Management & Research Company, LLC, Gaorong Ventures, Google, Kroger, SoftBank Vision Fund 1, funds advised by T. Rowe Price Associates, Inc., Woven Capital (Toyota's investment fund), and other existing shareholders. The new capital will support the expansion and deployment of Nuro's autonomous delivery services across communities in the United States.
"We are thrilled to have the support of world-renowned investment institutions and top-tier companies, and we are honored that our vision of improving communities and revitalizing local commerce has resonated so strongly," said Dave Ferguson, co-founder and president of Nuro. "We believe this investment will accelerate our commercialization strategy and improve people's daily lives through Nuro's technology."
Griffin Schroeder, partner at Tiger Global Management, said: "The arrival of ubiquitous instant e-commerce is transforming how we access goods. Demand for local delivery is exploding. Nuro is the bridge to an era of sustainable, low-cost, automated local delivery."
The completion of the Series D round will drive Nuro to continue deepening the commercialization of autonomous delivery vehicles. Nuro's disruptive reimagining of autonomous vehicles and the opportunity to reshape local commerce have attracted attention from well-known business partners across industries. This latest round, joined by leading financial and strategic investors, will help Nuro address long-standing pain points and respond to shifts in consumer behavior accelerated by the COVID-19 pandemic.
"Kroger established a partnership with Nuro in 2018 to explore autonomous vehicle-based grocery delivery," said Yael Cosset, Kroger's senior vice president and chief information officer. "Since then, Kroger and Nuro have completed thousands of deliveries for our customers, driving innovation and supporting our expanding seamless ecosystem through scalable, sustainable, and profitable solutions that create consistent and rewarding customer experiences."
Nuro has also entered into a five-year strategic partnership with Google Cloud to meet the massive scale and capacity requirements for cloud services needed to run autonomous driving simulation workloads, improve model accuracy through machine learning, and store critical vehicle data. Under the new partnership, Nuro and Google will also jointly explore opportunities to empower and reshape local commerce.
In August, Nuro announced a $40 million investment to build two new facilities in southern Nevada — an autonomous vehicle production and assembly plant and a world-class closed-course testing facility — to enable the commercialization and scaled production of the company's third-generation autonomous vehicles. Nuro also recently announced a long-term partnership with FedEx and a pizza delivery pilot with Domino's in Houston. The latest funding round will enable the company to further expand its team, deploy solutions at scale, and advance its industry-leading technology.
Gaorong Ventures led Nuro's first funding round in 2016 and has continued to invest in subsequent rounds. Michael Mao, founding partner of Gaorong Ventures, said: "We have always had high expectations for Jiajun Zhu, Dave, and the Nuro team, and have witnessed their continued remarkable achievements. From constantly exploring the cutting edge of autonomous driving technology to realizing the commercial deployment and scaled production of driverless delivery vehicles, every step has been exciting. Congratulations to Nuro on the Series D funding — we look forward to seeing them bring an even better life to people in the future."
About Nuro
Nuro is dedicated to improving everyday life through robotics. The company develops electric autonomous vehicles designed to deliver anything consumers need to their homes. Nuro's fully autonomous delivery-centric solution gives people back valuable time and greater freedom to do what they love. This convenient and environmentally friendly solution has the potential to make our streets safer and our cities more livable. Nuro has piloted automated local delivery services in communities across Texas, Arizona, and California, working toward its vision of reducing human driving and increasing local commercial prosperity.
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