February 14, 2019 3:15 PM, EST

Nuro Raises Nearly $1 Billion From SoftBank Vision Fund

Kroger and Nuro's R1 driverless delivery vehicle Kroger and Nuro's R1 driverless delivery vehicle. (Andrew Brown/The Kroger Co. via AP)

Nuro, a robotics company specializing in automating local commerce deliveries, has secured $940 million in funding from the SoftBank Vision Fund, according to a Feb. 11 press release. To date, the company has raised more than $1 billion from partners.

Nuro R1

The Nuro R1 is compact. (Andrew Brown/The Kroger Co. via AP)

Nuro’s flagship product, an unmanned road vehicle service, promises a future in which errands such as picking up groceries will be automated. The California-based startup wants to provide affordable and on-demand delivery for a variety of goods.

“This partnership gives us the opportunity to take the next step in realizing our vision for local commerce and the broad application of our technology,” Nuro co-founder Dave Ferguson said.

The company will use the new financing to expand delivery service into new geographies, add partners, scale its fleet, extend and mature its self-driving technology and grow its team.

In 2018, after announcing its unmanned vehicle, Nuro partnered with Kroger to deliver groceries, licensed its self-driving technology to autonomous trucking company Ike and launched the first unmanned delivery service, available to the public in Arizona.

The SoftBank Vision Fund is a $100 billion vehicle that stands as the largest technology fund in the world. It was created by Japanese multinational holding conglomerate SoftBank. — Transport Topics