Nuro, a startup developing autonomous delivery vehicles for suburban roads, raised USD 500 million in Series C funding led by T. Rowe Price Associates with new investors Fidelity and Baillie Gifford joining in the round alongside existing investors including SoftBank and Greylock.  Nuro is now valued at USD 5 billion following this latest round of funding

The investment comes roughly 18 months after a USD 940 million investment from SoftBank’s Vision Fund in February 2019 which valued the company at USD 2.7 billion with over 650 employees.

Nuro is currently testing and operating its second-generation R2 self-driving delivery vehicle, the first to receive US government exemptions permitting the zero-occupant automobile to operate on public roads in California, Texas, and Arizona.

The company plans to expand partnerships with major US brands including Domino’s, Walmart, Kroger, CVS, and others. “We are witnessing an unprecedented shift in consumer demand for safe and affordable local delivery services,” said CEO and co-founder Jiajun Zhu in a statement. “This funding, which brings us together with many of the world’s top investors, positions Nuro confidently toward a future where our world-class technology is adopted into people’s everyday lives.”