Aug 6, 2024 - Business

Aurora raises $483 million to fund driverless truck launch

Joann Muller

Image of an Aurora self-driving semi-truck on a rural highway — Aurora Innovation plans to launch driverless trucks in Texas by the end of 2024. Photo: Courtesy of Aurora

Aurora Innovation raised $483 million last week — more than expected — by selling additional shares in the publicly traded self-driving truck company.

Why it matters: The fresh capital provides added momentum for Aurora, which is one of the few companies still able to attract investors after a shakeout in the autonomous vehicle industry.

Driving the news: The proceeds will help fund the initial phase of Aurora's driverless trucking service starting in Texas by the end of this year.

The money adds to the $1 billion of liquidity Aurora reported as of the end of June, giving the company "runway well into 2026," CEO Chris Urmson wrote in a blog post.
The transaction follows a stock sale that raised $820 million last year.

Between the lines: Urmson says Wall Street's largest institutional investors continue to back Aurora because they trust its leadership to deploy the technology responsibly, and because it has strong industry partners, including Paccar, Volvo and Uber Freight.

What's next: Self-driving trucks promise to make freight transportation safer and more efficient, but the technology is still in its infancy.

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Aurora raises $483 million to fund driverless truck launch

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