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Nuro raises $500M Series C

Autonomous vehicle company operates paid delivery service in Houston, Texas

(Photo credit: Nuro)

Self-driving vehicle company Nuro has raised a $500 million Series C round of funding, as autonomous delivery continues to pick up new markets.

The raise, announced on Monday, was led by funds and accounts advised by T. Rowe Price Associates, with participation from new investors including Fidelity Management & Research Co. LLC and Baillie Gifford.

The round also includes existing investors such as SoftBank Vision Fund 1 and Greylock.

“We are witnessing an unprecedented shift in consumer demand for safe and affordable local delivery services,” said Jiajun Zhu, Nuro’s CEO and co-founder, in a press statement.

“This funding, which brings us together with many of the world’s top investors, positions Nuro confidently toward a future where our world-class technology is adopted into people’s everyday lives.”

Founded in 2016, Nuro has raised more than $1 billion from investors, and over the past year has ramped up testing and consumer deliveries using its second-generation vehicle, R2.

It is currently making paid deliveries to consumers in Houston, Texas, and test vehicles are on the road in Texas and California.

Last winter Nuro secured the first and only federal exemption for an autonomous vehicle granted by the U.S. Department of Transportation and National Highway Traffic Safety Administration.

Linda Baker, Senior Environment and Technology Reporter

Linda Baker is a FreightWaves senior reporter based in Portland, Oregon. Her beat includes autonomous vehicles, the startup scene, clean trucking, and emissions regulations. Please send tips and story ideas to [email protected]