Nvidia Corp (NASDAQ:NVDA) and Uber Technologies Inc. (NYSE:UBER) are among the companies backing Tesla Inc.'s (NASDAQ:TSLA) Robotaxi rival Nuro Inc. in its latest funding round.
Nuro Raises $203 Million In Latest Funding Round
The company announced on Thursday that it secured $203 million in series E funding, taking the valuation of the self-driving startup to over $6 billion. The company said that an additional $97 million in funding follows the initial 106 million the company raised in April this year.
"The closing of our Series E reinforces the strong conviction our investors and strategic partners have in Nuro's technology," Nuro's co-founder and President Dave Ferguson said in the statement. The CEO also teased new partnerships coming in the future.
Nuro's Robotaxi Push With Lucid And Uber, Nvidia Halts H20 Chip
The news comes as Nuro has become a key figure in the $300 million partnership with Lucid Group Inc. (NASDAQ:LCID) and Uber to develop and deploy over 20,000 autonomous cabs over the next six years.
Nvidia, on the other hand, told suppliers to stop working on the company's China-focused H20 chipset as Beijing pushes Chinese companies to look for domestic alternatives amid security concerns.
Tesla's Self-Driving Scrutiny
Meanwhile, Tesla's Robotaxi efforts could face another hurdle in the form of lawsuits over the company's FSD or Full Self-Driving technology, which also faces a lawsuit by investors over safety concerns.
The NHTSA also announced it was launching a probe into the EV giant over delays in submitting autonomous driving crash data, which Tesla said occurred due to data collection challenges.
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Image Via Nuro
