Autonomous Vehicle Startup Nuro Raises $500 Million In New Funding Round

Autonomous vehicle startup Nuro has announced it has secured a $500 million Series C funding round as the Covid-19 pandemic gives e-commerce a massive boost.

Nuro, which builds the R2 self-driving delivery vehicle that only offers room for packages, said the latest round was led by T. Rowe Price Associates and includes new investors Fidelity Management & Research Company and Baillie Gifford, as well as existing investors SoftBank and Greylock.

Nuro will use the funding to expand its team while also ramping up manufacturing, company co-founder Dave Ferguson said according to Reuters. The R2 vehicle, which lacks a steering wheel and pedals, is currently built in Detroit with Roush Enterprises, though it remains unclear how many are produced and on the road today…

Nuro’s latest funding round adds to the $940 million raised early last year. Since that last investment, Nuro’s valuation has reportedly doubled to $5 billion.