Nuro, a developer of autonomous driving technology and software, raised $106 million in an ongoing Series E that values the company at $6 billion.
The new deal would represent a cut from the reported $8.6 billion it was valued at in 2021 after raising a $600 million Series D led by Tiger Global Management.
Since that round, the Mountain View, California-based company has faced major challenges including slashing its workforce and a change in business strategy, moving away from its delivery vehicles for packages to now licensing its autonomous driving software.
The new round includes participation from Tiger, as well as funds and accounts advised by T. Rowe Price Associates, Fidelity Management & Research Co., Greylock Partners and XN. The company added details about “strategic investors” which will be included in a forthcoming partnership announcement.
“We’re excited to see strong investor enthusiasm for our Series E,” co-founder and CEO Jiajun Zhu said in a release. “Our technology, years of experience with driver-out Level 4 deployments, and focus on licensing uniquely position us to help automakers, mobility platforms and commercial fleets accelerate their autonomy roadmaps.”
Founded in 2016, Nuro has raised $2.2 billion to date, per the company.
Autonomous driving dollars
Funding to autonomous driving tech bounced back last year, hitting $12.6 billion, per Crunchbase data. In 2023 that number was only $5.9 billion.
However, last year’s number was significantly helped out by Waymo’s massive $5.6 round led by Alphabet.
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