Autonomous vehicle startup Nuro has raised $106 million in an ongoing Series E that values the company at $6 billion, according to Bloomberg on Wednesday.
This deal represents a cut from the $8.6 billion it was valued at in 2021 after raising a $600 million Series D led by Tiger Global Management. Nuro Inc. has faced several challenges since that round, including a cut in the workforce, and change in business strategy, moving away from its delivery vehicles for packages to now licensing its autonomous driving software.
The present funding round included participation from Tiger, as well as funds and accounts advised by T. Rowe Price Associates, Fidelity Management & Research Co., Greylock Partners and XN.
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“We’re excited to see strong investor enthusiasm for our Series E,” co-founder and CEO Jiajun Zhu said in a release. “Our technology, years of experience with driver-out Level 4 deployments, and focus on licensing uniquely position us to help automakers, mobility platforms and commercial fleets accelerate their autonomy roadmaps.”
The release also said that the company has a licensing-driven business model and offers its “vehicle-agnostic, cost-effective technology” to automotive manufacturers, suppliers and mobility companies that can integrate it into robotaxis, goods-delivery vehicles and personal vehicles.
Nuro would be using the funding to scale its technology platform and advance its commercial partnerships.
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In November 2024, Nuro said that it expanded its deployment of autonomous vehicles in two cities in California — Mountain View and Palo Alto — as well as in Houston, Texas. The company also added that it was ready to provide its autonomy platform to automotive OEMs and mobility companies.
Funding for autonomous driving tech bounced back last year, going up from $5.9 billion in 2023, to $12.6 billion, according to Crunchbase. Last year’s number was significantly helped out by Waymo’s massive $5.6 round led by Alphabet.
Autonomous vehicles have gained public attention of late with Waymo’s plans to launch robotaxis in Washington D.C. Waymo has also partnered with Uber to launch autonomous taxis in Austin, Texas.