Driverless delivery startup Nuro gets $940 million SoftBank investment




  • In Business
  • 2019-02-11 14:59:05Z
  • By Reuters
FILE PHOTO - The unmanned delivery vehicle, Nuro, is seen during the Kroger annual shareholders meeting in Cincinnati
FILE PHOTO - The unmanned delivery vehicle, Nuro, is seen during the Kroger annual shareholders meeting in Cincinnati  

(Reuters) - Autonomous technology startup Nuro said on Monday it raised $940 million from SoftBank Group Corp, which valued the Silicon Valley-based company at $2.7 billion.

Nuro was co-founded in 2016 by two former engineers of Google's self-driving car project, Dave Ferguson and Jiajun Zhu.

The funding by SoftBank came through its $100-billion Vision Fund, which usually picks up big stakes in fast-growing technology companies.

Last year, Nuro launched a self-driving delivery vehicle to run errands from picking up groceries to delivering dinner, and partnered with U.S. supermarket chain Kroger co to extend its services.

The firm, which largely operates in the San Francisco Bay Area, said it will use the funds to expand its delivery service to new areas, add new partners, expand its fleet and grow its team.

Nuro has raised more than $1 billion from investors, including Greylock Partners and Gaorong Capital, which had participated in its Series A funding round.

(Reporting by Munsif Vengattil and Aparajita Saxena in Bengaluru; Editing by Arun Koyyur)

COMMENTS

More Related News

SoftBank invests in Mubadala
SoftBank invests in Mubadala's new $400 million European tech fund: FT

Japan's SoftBank Group has provided nearly half the cash for the new $400 million fund by Abu Dhabi's state-owned Mubadala Investment Co that aims to back European start-ups, the Financial Times reported on Monday. Mubadala, which is a big investor in SoftBank's Vision Fund, will use the fund to invest between $5 million and $30 million in European start-ups, FT reported, citing people with direct knowledge of the matter. A company executive said last week Mubadala Ventures was planning to launch a technology-focused, $400 million European fund this year.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.