SoftBank Invests USD 940 Million into Nuro for Autonomous Driving | Financial Buzz

SoftBank Invests USD 940 Million into Nuro for Autonomous Driving

Nuro, an autonomous delivery startup, raised USD 940 Million in financing from SoftBank Vision Fund, according to TechCrunch.

Nuro has already raised more than USD 1 Billion from other other partners including SoftBank itself, Greylock Partners, and Gaorong Capital.

“We’ve spent the last two and a half years building an amazing team, launching our first unmanned service, working with incredible partners and creating technology to fundamentally improve our daily lives,” Nuro co-founder Dave Ferguson said in a statement. “This partnership gives us the opportunity to take the next step in realizing our vision for local commerce and the broad application of our technology.”

Nuro is focusing on developing self-driving technology for last-mile delivery services of local goods and services. Nuro’s vehicles has two compartments that can fit up to six grocery bags each.

Nuro partnered with Kroger in 2018 to pilot a delivery service in Arizona using Toyota Prius vehicles initially. Recently, the two transitioned to using Nuro’s delivery bot called R1.

The Company also partnered with Ike to integrate its stacks into the trucks. Ike is also an autonomous startup company, but it is targeted towards trucks.

“Nuro’s world-class team has successfully scaled their self-driving technology out of the lab and into the streets,” Michael Ronen, managing partner at SoftBank Investment Advisers said in a statement. “In just two years Dave, Jiajun and team have developed Nuro from a concept into a real business using robotics to connect retailers to customers.”

The funds from the financing rounds will help Nuro further develop its technology by adding new partners, new employees, and scaling up its fleet of autonomous bots.