Toyota-backed investment fund Woven Capital buys stake in Nuro

Woven Capital, an $800 million global investment fund established by the Toyota Research Institute, has made an equity investment in Nuro, a robotics company developing autonomous delivery vehicles.

The investment is part of Nuro’s Series C round of funding, advancing its work in designing and engineering self-driving road vehicles to transform local commerce through autonomous delivery.

The exact amount of the investment has not been made public.

This marks the first investment from Woven Capital. The fund was established in January 2021 as the investment arm of Woven Planet Group, Toyota subsidiaries which started the business recently, dedicated to building the safest mobility in the world.

The move by Woven Capital reflects their commitment to backing companies which develop innovative technologies and business models that further mobility, automation, artificial intelligence, data and analytics, connectivity, and smart cities.

George Kellerman, managing director, Woven Capital, says: “Nuro has proven itself to be a true leader in autonomous vehicles for local goods delivery. Between their state-of-the-art technology and powerful partnerships with leading US brands, they are revolutionizing everyday commerce – making it safer and more efficient.

“The company is primed for success in a post-Covid world, where secure, user-friendly delivery is prized by consumers.

“Woven Capital is excited about supporting Nuro’s next wave of growth, since Woven Planet Group’s own broader vision of safe mobility for all makes Nuro a natural fit for our first investment.”

Dave Ferguson, co-founder and president, Nuro, says: “Woven Capital’s focus on safe mobility and leading-edge technology, as well as their roots in Toyota, make them an ideal investment partner.

“Their team has a deep understanding and appreciation of our work to create a real world, autonomous delivery service, and with their backing, we are excited to shape the future of mobility and improve people’s lives.”

Toyota appears to be harking back to its roots in the textiles industry with the word “woven”, using it here for a venture capital company, and elsewhere for an entire futuristic city it is building, named “Woven City”.