Autonomous driving technology startup Nuro has completed a Series E funding round, raising a total of $203m.
The company has secured an additional $97m in the latest tranche of the Series E funding round, which values the company at $6bn.
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This latest injection of capital includes contributions from a mix of new and existing investors, with names such as Uber, Nvidia, Icehouse Ventures, Kindred Ventures, and Pledge Ventures joining the round alongside returning backer Baillie Gifford.
The additional funding complements the first segment of $106m disclosed in April this year, which saw investments from entities advised by T. Rowe Price Associates, Tiger Global Management, Fidelity Management & Research Company, Greylock Partners, and XN.
The completion of this funding round is a critical step for Nuro, as it aims to expand its AI-driven autonomous technology and strengthen its commercial collaborations.
To date, Nuro has amassed over $2.3bn in funding.
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By GlobalDataEstablished in 2016, Nuro provides its Nuro Driver autonomous driving system to automotive manufacturers and mobility service providers.
The system offers an economical solution for integrating autonomous technology into commercial fleets, personal vehicles, and ride-hailing services.
The company’s technical partnership with Nvidia has now evolved into an investment relationship.
Nuro’s latest computing module is based on the Nvidia DRIVE AGX Thor platform, and it utilises Nvidia GPUs for extensive data processing and model training in the cloud.
Nuro also became part of the Nvidia Halos AI Systems Inspection Lab in June, which assists in ensuring the safe integration of its products.
The company announced a collaboration with Uber and Lucid in July to initiate a new global robotaxi service. This project plans to roll out over 20,000 Lucid vehicles equipped with Nuro Driver across multiple international markets, starting with a major city in the US next year.
Uber’s investment in Nuro, which is part of the series E funding, is contingent on the achievement of certain development and commercial goals.
Nuro president and co-founder Dave Ferguson said: “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.
“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.”
