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Aurora Innovation, a self-driving technology company, has raised $820 million in a public and private offering of its stock. The funds will be used to support the company’s autonomous trucking business, with plans to launch in 2024.
Aurora Innovation has successfully completed a capital raise of $820 million through a public and concurrent private offering of its stock. The company expects the deal to close on Friday, and the funds raised will be used to support its autonomous trucking business. Aurora plans to launch its autonomous trucking service in 2024.
The capital raise is a significant milestone for Aurora as it continues to develop and commercialize its self-driving technology. The company has been working on autonomous vehicle technology since its founding in 2017 and has partnerships with major automakers, including Toyota and Volvo.
Aurora’s autonomous trucking business aims to disrupt the trucking industry by eliminating the need for human drivers. The company’s self-driving technology is designed to navigate complex road conditions and deliver goods efficiently and safely. By removing the human element from trucking, Aurora hopes to reduce costs and improve overall efficiency in the industry.
The $820 million capital raise will provide Aurora with the necessary funds to continue developing and refining its self-driving technology. The company plans to use the funds to hire additional engineers and expand its operations. Aurora also intends to invest in research and development to further enhance its autonomous driving capabilities.
Aurora’s capital raise comes at a time when the autonomous vehicle industry is gaining momentum. Several companies, including Waymo and Cruise, are actively testing and deploying self-driving vehicles on public roads. The industry is expected to grow rapidly in the coming years, with autonomous vehicles becoming more common on our roads.
The success of Aurora’s capital raise demonstrates investor confidence in the company’s technology and business model. The company has already secured partnerships with major players in the automotive industry, which further validates its approach to autonomous driving. With the additional funding, Aurora will be well-positioned to compete in the rapidly evolving autonomous vehicle market.
Top things to Know
– Aurora Innovation has raised $820 million in a public and private offering of its stock.
– The funds will be used to support the company’s autonomous trucking business, with plans to launch in 2024.
– Aurora has partnerships with major automakers, including Toyota and Volvo.
– The capital raise will provide funds for hiring engineers, expanding operations, and investing in research and development.
– The success of the capital raise demonstrates investor confidence in Aurora’s technology and business model.
Original article: https://techcrunch.com/2023/07/20/av-company-aurora-innovation-sells-820m-worth-of-stock/