Nuro, a developer of autonomous driving technology and software, has raised $97 million in a Series E extension at a $6 billion valuation, the company announced on Thursday.
The financing builds upon the April news that Nuro had raised $106 million in the first tranche of that Series E.
The $6 billion valuation represents a decrease from the reported $8.6 billion Nuro was valued at in 2021 after raising a $600 million Series D led by Tiger Global Management.
In total, the Mountain View, California-based company says it has raised over $2.3 billion in funding since its 2016 inception.
Notably, the new round of funding included participation from Uber, returning backer Baillie Gifford, and new investors Icehouse Ventures, Kindred Ventures, Nvidia and Pledge Ventures.
Nuro says the new capital will go toward the scaling of its “AI-first” autonomous technology as well as the growth of its commercial partnerships.
In recent years, Nuro faced some major challenges, including slashing its workforce and changing its business strategy, moving away from its delivery vehicles for packages to now licensing its autonomous driving software.
The move seems to have been a wise one so far.
In July, the company announced a partnership with Lucid and Uber to launch a “next-generation” global robotaxi service.
“The closing of our Series E reinforces the strong conviction our investors and strategic partners have in Nuro’s technology, our scalable approach to commercialization, and our vision for the future of autonomy,” said Dave Ferguson, Nuro’s co-founder and president, in a blog post.
Funding to autonomous driving tech bounced back in 2024, with Waymo’s massive $5.6 billion round led by Alphabet significantly helping the total reach $12.6 billion, per Crunchbase data. In 2023 that number was only $5.9 billion. So far this year, funding is trending far lower than last year — with just over $2 billion flowing into autonomous driving tech startups.
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