Self-Driving Software Developer Aurora Goes Public
[Stay on top of transportation news: Get TTNews in your inbox.]
Self-driving technology company Aurora announced it completed its business combination with Reinvent Technology Partners Y, a special purpose acquisition company, and its common stock has begun trading on the Nasdaq under the ticker symbol AUR.
The Mountain View, Calif., company reported it is entering this next phase with $1.8 billion in gross proceeds and cash on hand, and described that as the largest-ever autonomous vehicle or robotics company primary raise in a go-public transaction.
Also, Reinvent changed its name to Aurora Innovation Inc. Warrants of the combined company are trading on Nasdaq under the ticker symbol AUROW.
Urmson
“As a public company, we’ll accelerate the work we’re doing to deliver the benefits of self-driving technology safely, quickly and broadly,” Aurora co-founder and CEO Chris Urmson said in a release.
Aurora’s flagship product, the Aurora Driver, is designed to enable any vehicle platform — from Class 8 trucks to passenger vehicles — to move safely and efficiently without a human driver. Aurora plans to launch its autonomous commercial trucking business, Aurora Horizon, by late 2023, followed by its driverless ride-hailing business, Aurora Connect, in 2024.
Aurora’s driver-as-a-service business model will offer fleet owners the ability to purchase vehicles powered by Aurora Driver, subscribe to use Aurora Driver and use Aurora-certified fleet service partners to operate autonomous mobility and logistics services.
Aurora reported it is partnering with FedEx Corp., Uber, Toyota Group and North American truck makers Volvo Trucks North America and Paccar Inc., whose brands include Peterbilt Motors Co. and Kenworth Truck Co.
Heard on the Street: The newly listed shares of Aurora Innovation will be a key gauge of investor interest in autonomous vehicles, particularly for private peers Waymo, Cruise and Argo AI https://t.co/Llil99VfUB — WSJ Markets (@WSJmarkets) November 5, 2021
Aurora expects to have driven the equivalent of more than 9 billion simulated miles by the end of the year — 6 billion in 2021 alone.
Other company highlights:
• Demonstrated tangible technical progress with Aurora-powered Peterbilt Model 579 trucks hauling goods on Texas highways for FedEx through Aurora’s collaboration with FedEx and Paccar.
• Accelerated work with partners through the Aurora Driver Development Program — delivering the prototype of Volvo’s first-ever commercial autonomous truck for the U.S. market and the first prototype of the Aurora-Powered Toyota Sienna.
• Published the industry’s first safety case framework to address autonomous trucking and passenger mobility, which the company believes is an imperative component for any business planning to deliver commercial-ready autonomous vehicles at scale by operating on public roads without a vehicle operator.
It reported investors include funds and accounts managed by Counterpoint Global (Morgan Stanley), Primecap Management Co., XN and Baillie Gifford; and funds and accounts advised by T. Rowe Price Associates Inc., Fidelity Management & Research Co., Canada Pension Plan Investment Board, Reinvent Capital, Index Ventures, Sequoia Capital, Uber, Paccar and Volvo Group.
Want more news? Listen to today's daily briefing below or go here for more info:
