Nuro Secures $106 Million in Series E Funding, Valued at $6 Billion

Nuro, a California-based innovator in autonomous driving technology, has completed a $106 million financing round, bringing its total valuation to $6 billion. This funding is part of an ongoing Series E round that reflects a downward adjustment from the company’s previous valuation of $8.6 billion in 2021, which followed a $600 million Series D investment led by Tiger Global Management.

Challenges and Strategic Shift

Since the last funding round, Nuro has encountered significant operational challenges, prompting a shift in its business model. Initially focusing on delivery vehicles, the company has pivoted towards licensing its autonomous driving software, a change designed to reposition itself in a competitive market environment.

Investor Participation

The latest investment round saw participation from notable entities, including Tiger Global, along with funds and accounts managed by T. Rowe Price Associates, Fidelity Management & Research Co., Greylock Partners, and XN. Nuro also hinted at upcoming partnerships involving strategic investors, details of which are expected to be announced soon.

“We’re excited to see strong investor enthusiasm for our Series E,” said Jiajun Zhu, co-founder and CEO of Nuro. “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.”

Funding Landscape in Autonomous Driving

Funding within the autonomous driving sector experienced a resurgence last year, reaching $12.6 billion, as reported by Crunchbase. However, the figures for 2023 indicate a decline, with only $5.9 billion raised thus far. The spike in funding for last year was significantly buoyed by Waymo’s extraordinary $5.6 billion round led by Alphabet.

Company Background

Founded in 2016, Nuro has amassed a total of $2.2 billion in funding to date, underscoring its position as a leading player in the autonomous vehicle technology space.