US-headquartered autonomous delivery vehicle developer Nuro announced a $500m series C round yesterday that includes internet and telecommunications conglomerate SoftBank’s Vision Fund 1.
The round was led by funds and accounts advised by T. Rowe Price and included investment and financial services group Fidelity Management & Research, Baillie Gifford and Greylock. It values the company at $5bn, according to TechCrunch.
Nuro has built a fleet of driverless vehicles that are used by companies to deliver consumer goods to customers that include prepared food, prescription medicine, groceries and other retail items.
The company launched the second iteration of its autonomous vehicle in February this year and they operate on public roads in the US states of California, Texas and Arizona.
Jiajun Zhu, Nuro’s co-founder and chief executive, said: “We are witnessing an unprecedented shift in consumer demand for safe and affordable local delivery services.
“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.”
Vision Fund had previously supplied $940m of series B funding for Nuro at a $2.7bn valuation in February 2019. Greylock had co-led the company’s $92m series A round with Gaorong Capital in early 2018.
