July 15, 2021
Self-driving technology company Aurora has announced entering into a definitive business combination agreement with Reinvent Technology Partners Y, a special purpose acquisition company (SPAC) with the intention of going public following the merger. Upon closing of the proposed transaction, the combined company will be named Aurora Innovation with common stock expected to be listed on Nasdaq with the ticker symbol AUR.
Investors and Aurora partners committed $1 billion in a PIPE and the proposed transaction represents an equity value of $11 billion for Aurra. Founded in 2017, Pittsburgh-based Aurora aims to deliver the benefits of self-driving safely, quickly, and broadly. The company has about 1,600 employees developing next-generation technology and building the business to bring the technology to market at scale.
“Our goal at Aurora is to make the movement of goods and people more equitable, productive, dependable, and – crucially – much safer than it is today,” said Chris Urmson, co-founder and CEO at Aurora. “By combining with Reinvent and with this incredible group of investors, we are even closer to deploying self-driving vehicles and delivering the benefits this technology offers the world.”
The Aurora Driver is being developed as an SAE Level 4 autonomous driver system designed to power multiple vehicle types, from passenger sedans to Class 8 trucks to move safely and efficiently without a human driver. The company’s technology was developed to accelerate progress towards wide-scale deployment of the Aurora Driver. The technology includes deeply integrated hardware and software, including its long-range, multi-modal sensing suite with FirstLIght Lidar. The company has also developed a Virtual Testing Suite, next-generation approaches to perception and decision-making, and its HD mapping system, the Aurora Atlas.
The company said it expects to launch first in trucking, a $700 billion market, in late 2023. Expansion into adjacent vertices, including last-mile delivery and ride-hailing, are expected to follow, the company said.
“We believe Aurora will be the first to commercialize self-driving technology at scale for the U.S. trucking and passenger transportation markets based on its industry-leading team, technology and partnerships,” said Mark Pincus, co-founder and director of Reinvent Technology Partners Y.
For more details on Aurora, visit the company’s website here.