Mentioned:
Uber and Nebius Group are preparing to pour hundreds of millions of dollars into an autonomous vehicle company. But, why?
What’s happening:
- Autonomous vehicle and delivery company Avride has landed up to $375M USD of funding from Uber (NYSE: UBER) and Nebius Group (NASDAQ: NBIS)
Why it matters:
- This is the largest amount of capital that both Uber and Nebius Group have ever committed to Avride since the company was first formed
Going deeper:
- Uber and Avride previously partnered on using Avride’s autonomous delivery robots for users of Uber Eats and have both publicly stated they plan to expand their partnership to include deploying Avride’s autonomous vehicles directly through the Uber app in the immediate future for ride sharing
- Avride currently operates their delivery robots in both the United States and South Korea
The intrigue:
- Nebius Group is the parent company of Avride and originally incubated and funded the company
