Nvidia is amongst a gaggle of latest traders to again Nuro — which develops self-driving software program for supply and ride-hailing providers — in a funding spherical that has reached $203 million.
The Silicon Valley startup introduced Thursday that a number of traders, together with current backer Baillie Gifford, added one other $97 million to its Collection E spherical. New traders embody Icehouse Ventures, Kindred Ventures, Nvidia, and Pledge Ventures. Uber, which final month mentioned it could make a “multi-hundred-million greenback” funding in Nuro as a part of a broader deal with the electrical automobile maker Lucid, additionally participated.
Nvidia’s funding follows years of technical collaboration with Nuro. The startup makes use of Nvidia GPUs for its large-scale knowledge processing and mannequin coaching, and its newest compute mannequin is constructed on the Nvidia Drive AGX Thor platform.
The primary $106 million tranche of Collection E funding was introduced in April. Funding accounts suggested by T. Rowe Value Associates, Constancy Administration & Analysis Firm, Tiger International Administration, Greylock Companions, and XN participated in that first block.
Nuro has raised $2.3 billion thus far. Its Collection E post-money valuation is $6 billion. That’s a 30% drop from its $8.6 billion valuation in 2021 when Nuro raised $600 million in a Collection D spherical.
A lot has modified prior to now 4 years for Nuro and the broader autonomous autos business. Like most startups within the nascent autonomous car expertise sector, Nuro was pressured to look at its enterprise mannequin after financial circumstances shut off the once-free flowing faucet of capital and ushered in a interval of consolidation.
Nuro went by way of a number of rounds of layoffs in 2022 and 2023 earlier than overhauling its enterprise technique. In 2024, Nuro scrapped plans to personal and function a fleet of low-speed, on-road supply bots, and as an alternative targeted its efforts on licensing its expertise to automakers and mobility suppliers, like ride-hail and supply firms.
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The pivot has appeared to realize some traction — notably in July when Uber introduced plans to launch a robotaxi service utilizing all-electric Lucid Gravity SUVs geared up with Nuro’s self-driving tech. Underneath the deal, Uber invested $300 million in Lucid and agreed to purchase “at the least” 20,000 of the EV maker’s Gravity SUVs over the following six years.
Uber additionally mentioned it could make investments an undisclosed “multi-hundred-million greenback” quantity into Nuro. One supply aware of the settlement advised TechCrunch the quantity is greater than Uber’s funding in Lucid.
A portion of Uber’s funding has gone towards the Collection E spherical. The remaining funding might be parceled out to Nuro as the corporate hits sure milestones.
Nuro co-founder and president Dave Ferguson mentioned in a press release that the corporate is well-positioned to proceed its subsequent part of development with the brand new capital. He added that the corporate, which employs about 700 individuals, will concentrate on delivering new industrial partnerships to comprehend autonomy at international scale.
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