Softbank which is multinational Japanese company has recently decided to expand its portfolio and decided to invest $940 million in an autonomous grocery delivery startup Nuro. Nuro is an autonomous grocery delivery startup which is run by the former employees of Alphabet whose focus is to produce self-driving vehicles for delivery of local goods around the grocery stores. Previously the company received more than $92 million of revenues from Softbank, Gaorong capital and with this latest round of funding company’s valuation has touched to $2.7 billion benchmarks.
Nuro has been in this industry from last few years, and so far it has delivered the right amount of services by using its R1 vehicle. The R1 is a custom made a vehicle which has two compartments in it, and each compartment can carry six grocery bags which makes it unique. Autonomous delivery of goods might not sound right since many people will be sceptical about such technology, but it seems like Nuro is rightly using advance tech. Company’s officials said that from last few years they’ve successfully built a great team and now they’re ready to provide unmanned services to grocery stores.
Now since the company has got a tremendous amount of funding from Softbank, some experts are saying that they can now use that money to build more high tech vehicles and can even hire skilled employees. Even though the company hasn’t given its comment regarding its plans, it seems like this funding will help the company to explore more new opportunities. This funding has come from Softbank vision fund which is a portfolio of $100 billion through this fund Softbank invest in fast-growing startups. Softbank has already invested in many autonomous vehicle ventures which are trying to solve the modern world’s problems by creating some fascinating technology.