Nuro has raised $106 million in fresh funding, bringing its current valuation to $6 billion. The investment is part of an ongoing Series E round.

This marks a decline from Nuro’s $8.6 billion valuation in 2021, when the company raised $600 million in a Series D led by Tiger Global Management.

Based in Mountain View, California, Nuro has faced significant changes since that last round. It has reduced its workforce and shifted strategy—from building autonomous delivery vehicles to now focusing on licensing its self-driving software.

The latest round includes returning investor Tiger Global, along with support from T. Rowe Price Associates, Fidelity Management & Research, Greylock Partners, and XN. Nuro also mentioned that new strategic investors will be revealed as part of an upcoming partnership.

“We’re excited to see strong investor enthusiasm for our Series E,” said Nuro co-founder and CEO Jiajun Zhu. “Our technology, experience with driverless Level 4 systems, and focus on software licensing make us a valuable partner for automakers and commercial fleets looking to scale autonomy.”

Founded in 2016, Nuro has raised a total of $2.2 billion to date.

Growing Interest in Autonomous Driving

Funding for autonomous driving technology climbed to $12.6 billion last year, more than doubling the $5.9 billion total from 2023. That growth was largely driven by Waymo’s $5.6 billion raise, led by Alphabet.