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