Startup Aurora plans to go public20. July 2021
Startup Aurora plans to go public
San Francisco, 7/19/2021
Startup Aurora is planning an initial public offering via a SPAC deal that would raise $2 billion for the company and increase its valuation to an estimated $11 billion.
Aurora is seeking a merger with Reinvent Technology Partners Y, a blank check firm backed by Silicon Valley investors Reid Hoffman, Mark Pincus and Michael Thompson.
Aurora develops software and hardware for autonomous vehicles and counts Toyota, Uber and Volvo among its partners. The company was founded by Chris Urmson, former head of Google’s self-driving car project; Sterling Anderson, former head of Tesla’s Autopilot; and computer scientist Drew Bagnell, a former member of Uber’s self-driving program.
Aurora has raised about $1 billion so far. The new capital would cover the costs associated with releasing a self-driving semi by the end of 2023.
In December, Uber announced a deal to sell its autonomous vehicle unit, Uber ATG, to Aurora Innovation. As part of the deal, Uber agreed to invest $400 million in Aurora and receive a 26% stake.