Why Nuro has quickly become one of the most well-funded autonomous-vehicle startups, raising $1.5 billion to compete in a crowded space already filled with heavy players

With a growing war chest and an enviable collection of blue-chip partners, Nuro is one of the hottest startups in the autonomous-vehicle industry.

Founded by two early members of Google’s autonomous-vehicle project (which has since spun out as Waymo), the startup is developing self-driving delivery vehicles. Nuro aims to one day eliminate delivery fees while offering a wide range of products, including food, groceries, and prescriptions.

Since its 2016 founding, the startup has run pilots with Walmart, CVS, and Domino’s Pizza while raising $1.5 billion and earning a $5 billion valuation. Insider asked three of Nuro’s investors — Baillie Gifford, Greylock Partners, and Toyota’s Woven Capital subsidiary — why they took stakes in the startup.