In a bold step toward accelerating the future of autonomous mobility, Uber Technologies Inc. and Nebius Group NV have announced a combined investment of up to $375 million in Avride, the self-driving vehicle subsidiary of Dutch cloud infrastructure company Nebius.
The funding package — structured as a combination of strategic investment and commercial commitments — aims to scale Avride’s autonomous vehicle fleet to as many as 500 units, an Avride spokesperson revealed. The total investment will depend on Avride reaching agreed-upon development milestones, after which both Uber and Nebius may inject further capital.
This marks Uber’s first external investment in Avride and builds on its existing multi-year collaboration with the Austin-based firm. The two companies have already launched autonomous sidewalk delivery robots in Jersey City, Austin, and Dallas, and plan to deploy a fleet of Hyundai Ioniq 5 robotaxis — equipped with Avride’s proprietary software — in Dallas by year-end.
“This investment fuels our product development and geographic expansion,” Avride said in a statement. “It also validates our mission to redefine mobility through scalable, AI-powered solutions.”
Convertible Note Structure
The investment from Uber is structured as a convertible note, giving the rideshare giant the option to convert its investment into equity at a later date, though Avride will continue to be a wholly owned subsidiary of Nebius. Specific terms of Uber’s financial contribution were not disclosed.
The move reflects Uber’s ongoing strategy to stake its claim in the rapidly evolving autonomous vehicle (AV) landscape. CEO Dara Khosrowshahi has previously signaled Uber’s commitment to offering both human-driven and driverless rides, investing in companies such as WeRide, Pony AI, Lucid Motors, Nuro, and Flytrex.
This latest partnership comes as Uber shifts from building its own AV technology — having sold its autonomous unit in 2020—to forging partnerships with over a dozen companies, including Alphabet’s Waymo, which now operates robotaxi services in select U.S. cities.
Nebius and the Yandex Legacy
Nebius, which operates out of the Netherlands, is led by Arkady Volozh, the former CEO of Russian tech giant Yandex. Following the Russian invasion of Ukraine and subsequent EU sanctions, Volozh stepped down and restructured the business, renaming the Dutch holding company Nebius and distancing it from its Russian roots.
While Yandex previously operated a joint autonomous vehicle venture with Uber in Russia, that partnership ended in 2021 when Yandex bought out Uber’s stake. Today, Nebius holds the global licenses to develop Yandex-origin AV technologies under the Avride brand.
With Uber’s support, Avride is now poised to enter the global stage, competing with established robotaxi providers such as Waymo and Tesla, while also expanding its delivery robot footprint.