Date
20 July 2019
Japan's Softbank Group has made a significant bet on another US tech startup. Photo: Bloomberg
Japan's Softbank Group has made a significant bet on another US tech startup. Photo: Bloomberg

SoftBank invests in autonomous delivery startup Nuro

Autonomous technology startup Nuro has raised US$940 million from SoftBank Group, a deal which valued the Silicon Valley-based firm at US$2.7 billion, Reuters reports.

The funding by SoftBank came through its US$100-billion Vision Fund, according to the report.

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

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

The company, which largely operates in the San Francisco Bay Area, plans to use the fresh funds to expand its delivery service to new areas, add new partners, expand its fleet and grow its team.

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

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