Autonomous vehicle startup Nuro completed its Series E funding round, raising $203 million. Nvidia joined as a new investor in this Nuro funding round. Existing backer Baillie Gifford also participated, alongside new investors Icehouse Ventures, Kindred Ventures, and Pledge Ventures.
This latest capital injection added $97 million to the Series E round. The initial $106 million tranche was announced in April. Investment accounts advised by T. Rowe Price Associates, Fidelity Management & Research Company, Tiger Global Management, Greylock Partners, and XN participated in that first block.
Nuro's post-money valuation for this Series E round reached $6 billion. The company has now raised $2.3 billion in total funding. This valuation represents a 30% decrease from its $8.6 billion valuation in 2021.
Strategic Business Evolution
Nuro recently shifted its business strategy. The company now focuses on licensing its self-driving technology to automakers and mobility providers. This pivot followed economic challenges and industry consolidation.
Uber participated in the Series E round as part of a broader deal. Uber plans to launch a robotaxi service utilizing Nuro's technology in all-electric Lucid Gravity SUVs. Uber also invested $300 million in Lucid and committed to purchasing at least 20,000 Gravity SUVs.
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Nvidia's investment follows years of technical collaboration with Nuro. Nuro uses Nvidia GPUs for data processing and model training. Its latest compute model is built on the Nvidia Drive AGX Thor platform.
Nuro, employing about 700 people, aims to expand commercial partnerships globally.
