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Driverless delivery startup Nuro gets $940 million SoftBank investment

Stock MarketsFeb 11, 2019 09:59AM ET
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© Reuters. 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 (NYSE:KR) 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.

Driverless delivery startup Nuro gets $940 million SoftBank investment
 

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Curtis Watts
Curtis Watts Feb 11, 2019 10:05AM ET
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Wow! With all of this AI, in a few years I’m sure they will have toilets that will come to me when I need to relieve myself. I’ll never miss my favorite tv program again.
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