Tuesday, May 17, 2022

Autonomous Startup Nuro raises $600 million

American start-up Nuro, which specialises in autonomous electric delivery vehicles, has closed a financing round of $600 million. With the new capital, Nuro wants to drive the development of its autonomous delivery services.

Investors Tiger Global Management, Baillie Gifford, Fidelity Management & Research Company, LLC, Gaorong Capital, Google, Kroger, SoftBank Vision Fund 1 and clients advised by T. Rowe Price Associates participated in the Series D round.

Dave Ferguson, Nuro co-founder and president says: “We believe this investment will allow us to accelerate our commercialisation strategy and better everyday life with Nuro’s technology.”

Griffin Schroeder, Partner at Tiger Global, extrapolated:

“The arrival of ubiquitous on-demand e-commerce is changing the way we access goods. Demand for local deliveries is exploding. Nuro is the bridge to an era of sustainable, low cost, autonomous local delivery.”

In August, Nuro announced the construction of a production facility for “tens of thousands of delivery vehicles” in southern Nevada, for which the company has not yet offered an update.

Nuro has recently agreed to a partnership with US logistics company FedEx and a policy trial with pizza chain Domino’s to deliver pizzas in Houston.

Nuro also says it has signed a five-year strategic partnership with Google Cloud to support the massive scale and capacity required to run self-driving simulation workloads, machine learning to improve model accuracy, and storage to manage important data from the vehicles.

In this new partnership, Nuro and Google say they will also explore opportunities to strengthen and transform local commerce.

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Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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