The new deal would be a reduction for Nuro from the reported $8.6 billion valuation it was valued at in 2021 after raising $600 million in a Series D round led by Tiger Global Management.
After that round, the Mountain View, California-based company faced serious challenges, including staff cuts and a change in business strategy, moving away from using vehicles to deliver packages in favor of licensing software for autonomous driving.
The new round includes participation from Tiger, as well as funds and accounts advised by T. Rowe Price Associates, Fidelity Management & Research Co., Greylock Partners and XN. The company added details about the “strategic investors” that will be included in a future partnership announcement.
“We are excited to see the strong investor enthusiasm for our E Series,” said co-founder and CEO Jiajun Zhu in a press release. “Our technology, years of experience implementing Level 4 Driver Out systems, and focus on licensing give us a unique opportunity to help automakers, mobility platforms, and commercial fleets accelerate their autonomy roadmaps.”
Founded in 2016, Nuro has raised $2.2 billion to date, according to the company.
Source: crunchbase
