Aurora, a self-driving startup, recently announced plans to go public through a SPAC merger. The deal with special purpose acquisition company Reinvert Technology Partner, is set to close in 2021, securing the merged company USD2.5 Billion in cash.
“This is a natural next step for us,” said Aurora co-founder and CEO Chris Urmson. “This will unlock the capital we need to deliver the Aurora driver as a service at scale.” Once closed, Aurora will have a valuation of USD11 Billion and trade on the Nasdaq under the ticker symbol AUR.
Furthermore, the arrangement will ensure funding for the commercialization of Aurora’s autonomous technology amid testing, development and hiring. The company hopes to initially launch its self-driving technology within the trucking industry before moving into the delivery and ride-hailing markets.
Aurora has big name partners such as Toyota, Uber, Volvo and Paccar and is aiming its technology at a range of vehicles, delivery services and mobility firms. The overall objective is to attain Level 4 autonomous driving, where human interaction is not necessary when the vehicle is operating.
“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 Urmson. “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.”
Aurora is working to have its technology installed into Volvo and Paccar class 8 trucks by 2023. Once the trucks begin to work autonomously, they will generate revenue per mile for the company.