Nuro raises $500m to develop AV tech

Toyota's Woven Capital is among the investors in autonomous vehicle technology
GIS/ Mapping & Location Based Systems / April 1, 2021
By Ben Spencer
Nuro Toyota autonomous vehicles Woven Capital Woven Planet
Nuro describes investment as a huge boost as it commercialises its product (image credit: Nuro)

Nuro has raised more than $500 million to continue advancing its autonomous technology and expand its delivery service in an investment round which included Woven Capital. 

Nuro operates a fleet of autonomous vehicles (AV) to deliver everyday goods to consumers ranging from groceries to prescriptions. 

Woven Capital is an $800 million global investment fund from Toyota subsidiary Woven Planet that supports mobility companies. 

Nuro co-founder Dave Ferguson says: “The support of these financial and strategic investors from multiple continents will be a huge boost to Nuro as we commercialise and scale our local delivery product.”

Toyota says the move reflects Woven Capital's commitment to backing companies which develop technologies that further mobility, automation, artificial intelligence, data and analytics, connectivity and smart cities. 

Woven Capital managing director George Kellerman says Nuro is revolutionising everday commerce – making it safer and more efficient. 

“The company is primed for success in a post-Covid world, where secure, user-friendly delivery is prized by consumers,” Kellerman adds. 

The funding also included input from Chipotle, Fidelity Management & Research Company, Baillie Gifford, SoftBank and Greylock.

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