It’s well documented that many of Google’s employees eventually leave the company in pursuit of their own inventions or ventures. For former Google engineers Dave Ferguson and Jiajun Zhu, this meant founding a startup company focused on robotics and automated vehicle technology called Nuro.
Nuro is making automated vehicles designed for local delivery service for restaurants, grocery stores and other businesses and already got the go ahead from the federal government earlier this year to allow these robots to roam around and do their job without any intervention.
The potential is huge and is clearly represented in its new post-money valuation of $5 billion. Most notably, Nuro investors include the likes of Fidelity Management & Research Company as well as SoftBank’s Vision Fund 1.
The recent cash injection will serve to test and operate its vehicles on public roads in Arizona. The company said, “the new funding will allow us to confidently grow for years to come, with a multi-year runway to build in multiple cities and scale across multiple markets.” Keep your eye out for this one Invstrs!
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.