Nuro has secured $203 million in Series E funding, with Nvidia joining as a new investor.

The company announced Thursday that an additional $97 million had been added to the round by investors including Icehouse Ventures, Kindred Ventures, Nvidia, and Pledge Ventures, alongside returning backer Baillie Gifford.

The first tranche of $106 million was announced in April. Participants in that phase included T.

Rowe Price Associates, Fidelity Management & Research Company, Tiger Global Management, Greylock Partners, and XN.

Nuro’s total funding now stands at $2.3 billion. The company’s current post-money valuation is $6 billion, down from $8.6 billion in 2021 when it raised $600 million in a Series D round.

Nvidia’s Longstanding Collaboration with Nuro

Nvidia’s involvement follows years of technical collaboration with Nuro. The startup uses Nvidia GPUs for large-scale data processing and model training. Its latest compute model is built on the Nvidia Drive AGX Thor platform.

Nuro's Strategic Shift Amid Industry Changes

Nuro, like many in the autonomous vehicle sector, has restructured its strategy in response to tighter economic conditions.

After multiple layoffs in 2022 and 2023, the company overhauled its business model in 2024, abandoning plans to own and operate a fleet of low-speed, on-road delivery bots.

The company is now focused on licensing its self-driving technology to automakers and mobility providers, including ride-hailing and delivery companies.

Uber’s Investment Reinforces New Direction

Uber participated in the Series E round, following a broader investment strategy that includes its recent announcement to back both Nuro and Lucid. In July, Uber said it would invest a multi-hundred-million-dollar amount in Nuro as part of its plan to launch a robotaxi service using Lucid Gravity SUVs equipped with Nuro's technology.

Under the agreement, Uber invested $300 million in Lucid and committed to purchasing at least 20,000 Gravity SUVs over six years.

One source familiar with the deal stated that Uber’s investment in Nuro exceeds the amount it put into Lucid.

A portion of Uber’s investment has been allocated to Nuro’s Series E round, while the rest will be distributed as the company meets certain milestones.

Nuro Sets Sights on Global Commercial Scale

Nuro co-founder and president Dave Ferguson said in a statement that the company is well-positioned to continue its next phase of growth with the new capital.

He added that Nuro, which employs about 700 people, will focus on delivering new commercial partnerships to realize autonomy on a global scale.

PHOTO: NURO

This article was created with AI assistance.