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Amazon, Uber-Backed Driverless Vehicle Startup Aurora Aims Public Listing $11B SPAC Merger

Benzinga2021-07-16

  • Driverless vehicle startup Aurora plans to go public via SPAC (special purpose acquisition company) merger with Reinvent Technology Partners Y (NASDAQ: RTPY).
  • LinkedIn co-founder Reid Hoffman and tech entrepreneur Mark Pincus set up the SPAC.
  • The deal values Amazon.com Inc (NASDAQ: AMZN) and Uber Technologies Inc (NYSE: UBER)- backed startup at $11 billion. It will also get around $2 billion in fresh funding, positioning it to launch its first autonomous product in 2023.
  • CEO Chris Urmson, Sterling Anderson, who led Tesla Inc's (NASDAQ: TSLA) Autopilot efforts, and Uber executive Drew Bagnell founded Aurora in 2016 amid a boom in robotaxi startups, the Financial Times reports.
  • Aurora is hugely invested in simulation and virtual development tools and claims to drive the equivalent of 22 million miles per day.
  • Earlier this year, Aurora collaborated with Volvo AB (OTC: VLVLY) Trucks and PACCAR Inc (NASDAQ: PCAR), the maker of heavy-duty trucks.
  • It also has partnerships with Uber, Toyota Motor Corp (NYSE: TM), and Japanese parts supplier Denso Corp (OTC: DNZOY).
  • Uber, Paccar, and Volvo are contributing to the $1 billion in new funding.
  • Price action: RTPY shares traded higher by 1.42% at $9.99 on the last check Thursday.
  • Photo courtesy by Company

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  • HEYEOH
    ·2021-07-16
    Quickly grab money from market before correction
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  • Aoyjai
    ·2021-07-16
    Quickly grab money from market before correction 
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  • littlekitten
    ·2021-07-16
    Cool!
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