Nvidia Backs Nuro in Latest $203M Funding Round
Nuro, the autonomous vehicle startup, has successfully raised $203 million in its Series E funding round, with Nvidia emerging as one of the key new investors. Joining a group of existing and new supporters, Nvidia's involvement is part of a strategic alignment following years of collaboration.
This latest infusion of capital comes as the AV startup pivots towards licensing its cutting-edge technology rather than operating its own fleet of delivery bots. Nuro, known for developing sophisticated self-driving software for both delivery and ride-hailing services, has garnered substantial financial backing from a blend of past and present investors. These include industry giants such as Baillie Gifford, Icehouse Ventures, and Pledge Ventures, alongside notable new entrant Nvidia. Uber also reinforced its support, reflecting a robust partnership investment strategy.
The Californian company relies heavily on Nvidia's GPUs for large-scale data processing, and its most recent computing advances are founded on Nvidia's Drive AGX Thor platform. Despite the entrepreneurial challenges confronting the autonomous sector, such as market conditions stalling capital flow and necessitating company restructuring, Nuro's strategic focus on technology licensing has turned a potential setback into a forward-looking opportunity.
Initially valued at $8.6 billion in 2021, Nuro has seen its post-money valuation reset to $6 billion with this round, though the realignment in strategy suggests potential for future growth as partnerships evolve.
The company has streamlined operations following several rounds of layoffs and recently shifted its business model to prioritize partnerships with automotive and mobility companies.
This strategic shift has already paid dividends. Notably, Uber recently announced a collaboration to launch a new robotaxi service utilizing Lucid Gravity's electric SUVs, equipped with Nuro's innovative self-driving technology. This heralds a new era of growth and innovation, as Nuro continues to seek out new commercial partners and globally scale its autonomous technology.
According to Dave Ferguson, Nuro's co-founder and president, securing fresh capital positions the startup to build on its technological successes and expand its commercial partnerships. With a team of around 700, Nuro is poised to influence the autonomous vehicle space significantly by delivering scalable autonomy solutions worldwide.
