Nuro, the autonomous delivery startup founded by two former Google engineers, has raised $500 million, suggesting that investors still have an appetite for long-term pursuits such as robotics and automated vehicle technology. Nuro now has a post-money valuation of $5 billion.
The Series C round was led by funds and accounts advised by T. Rowe Price Associates, Inc., with participation from new investors including Fidelity Management & Research Company and Baillie Gifford. The round also includes existing investors such as SoftBank Vision Fund 1 and Greylock.
Nuro was founded in June 2016 by former Google engineers Dave Ferguson and Jiajun Zhu. While the startup was initially bootstrapped by Ferguson and Zhu, it has never struggled to attract investors. Nuro’s Series A funding round of $92 million, which officially closed in June 2017, included Greylock, Banyan and gave NetEase founder Ding Lei (aka William Ding) a seat on Nuro’s board. But it was the monster $940 million investment made by the SoftBank Vision Fund in February 2019 that catapulted Nuro ahead of numerous other startups attempting to commercialize autonomous vehicle technology. Nuro had a $2.7 billion valuation following the SoftBank investment, meaning its value doubled in about 18 months. That money has helped it grow to more than 650 employees.Tech Crunch