U.S. autonomous vehicle startup Nuro has secured $106 million in fresh capital through a Series E funding round, bringing its total funding raised to $2.2 billion and setting its latest valuation at $6 billion, the company said on Wednesday.
The latest valuation marks a decline from the $8.6 billion figure reached during its $600 million Series D round in 2021, reflecting a broader market correction across the tech sector. Despite the dip, Nuro executives maintain confidence in the business’s long-term trajectory following a strategic shift away from manufacturing its own delivery vehicles.
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“Our last round was at the end of 2021, at the peak of the market,” said Dave Ferguson, co-founder and president of Nuro. “We feel very good about this valuation and the conviction it shows in our new go-to-market strategy.”
Nuro, once known for its distinctive autonomous delivery robots used by partners like Domino’s, has now pivoted to licensing its self-driving technology to automotive OEMs, commercial delivery fleets, and ride-hailing firms. The company had previously faced rising costs tied to vehicle production and was forced to scale back its ambitions, including pausing manufacturing and conducting staff layoffs.
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The Series E funding will extend Nuro’s operational runway through 2027, a spokesperson told TechCrunch. Backers in the new round include existing investors such as T. Rowe Price Associates, Fidelity Management & Research Company, Tiger Global Management, Greylock Partners, and XN LP, as well as unnamed strategic partners.
“We’re excited to see strong investor enthusiasm for our Series E,” said Jiajun Zhu, Nuro’s co-founder and CEO. “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.”
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Nuro’s revised strategy places it in direct competition with other autonomous tech firms pursuing similar licensing models, including U.K.-based startup Wayve. Nuro has ongoing relationships with companies like Uber and Toyota through Woven Capital, Toyota’s venture arm.