Nuro secured $203 million in Series E funding after new investors added $97 million to a prior $106 million tranche. New participants include Icehouse Ventures, Kindred Ventures, Nvidia, Pledge Ventures, and Uber. Nvidia has collaborated with Nuro for years, providing GPUs for data processing and model training and supporting Nuro’s compute model on Drive AGX Thor. Nuro has now raised $2.3 billion overall and holds a $6 billion post-money valuation, down 30% from 2021. The company experienced layoffs and restructured its strategy, shifting from operating delivery fleets to licensing its autonomous driving technology to partners.
The Silicon Valley startup announced Thursday that several investors, including existing backer Baillie Gifford, added another $97 million to its Series E round. New investors include Icehouse Ventures, Kindred Ventures, Nvidia, and Pledge Ventures. Uber, which last month said it would make a "multi-hundred-million dollar" investment in Nuro as part of a broader deal with the electric car maker Lucid, also participated.
Nvidia's investment follows years of technical collaboration with Nuro. The startup uses Nvidia GPUs for its large-scale data processing and model training, and its latest compute model is built on the Nvidia Drive AGX Thor platform. The first $106 million tranche of Series E funding was announced in April. Investment accounts advised by T. Rowe Price Associates, Fidelity Management & Research Company, Tiger Global Management, Greylock Partners, and XN participated in that first block.
Nuro has raised $2.3 billion to date. Its Series E post-money valuation is $6 billion. That's a 30% drop from its $8.6 billion valuation in 2021 when Nuro raised $600 million in a Series D round. Much has changed in the past four years for Nuro and the broader autonomous vehicles industry. Like most startups in the nascent autonomous vehicle technology sector, Nuro was forced to examine its business model after economic conditions shut off the once-free flowing tap of capital and ushered in a period of consolidation.
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