Autonomous technology developer Aurora says it now has enough money to commercially launch its holistic system of self-driving products next year, thanks to a fresh round of public and private funding totaling $820 million. Following the news, Aurora CEO Chris Urmson posted a blog detailing why Wall Street believes in the company and how it intends to use that cash to deliver.
Aurora is an autonomous vehicle and adjacent technology company we have watched evolve over the years with a lot of excitement. Several notable automakers have invested and collaborated with the company over that span, including the likes of Toyota, Peterbilt, and Uber Freight.
In 2019, Aurora acquired LiDAR company called Blackmore, enabling it to begin developing a sensing suite finally capable of safely operating large trucks autonomously at high speeds. Since 2020, Aurora has been deploying Class 8 trucks integrated with its Aurora Driver technology containing the proprietary LiDAR. This led to a reunion with former partner Volvo, who has integrated the Aurora driver into its own trucks.
Last we spoke of Aurora, it was demonstrating the capabilities of its Driver technology, including how safe and intuitive it is, even in inclement weather conditions.
As the company looks to launch self-driving trucks as a service called “Aurora Horizon” in 2024, it has now secured the massive funding needed to get it there… and beyond.
Aurora funded through 2025 to develop autonomous tech
After an upsized public offering of common stock earlier this week, Aurora Tweeted that its public and private equity funding round successfully garnered $820 million. The company shared a coinciding blog post written by CEO Chris Urmson, who was able to share more details regarding the capital raise. Per the post:
We are fortunate to have incredible partners in the capital markets. Throughout Aurora’s history and in this most recent fundraise, we have had incredibly strong support from top-tier institutional investors, both existing and new, as well as strategic partners. The backing of these investors is a testament to our progress and potential.
We’re all living through an uncertain time in the financial markets. Despite some thaw, investors continue to be very cautious with their clients’ money, wanting an extra degree of conviction to make a big bet. It’s part of why we’re proud to be able to raise the better part of a billion dollars to continue our mission. Investors see what we see – an incredible and unique opportunity to do something important and valuable in the world.
From where I sit, there are several things that make Aurora special and I suspect these are some of the things that have resonated with our investors.
Urmson cites a relentless focus on the company mission, depth and breadth of talent, and a series of strategic business decisions and investments as the reason for Aurora’s growth to date as well as potential evidence why investors may not be as weary to open their wallets in a nascent but indefinite segment in autonomous driving.
Last year, Aurora shared the roadmap seen above, detailing each milestone it’s planning to ensure it can deliver safe autonomous technology to market efficiently and has so far hit every target. Urmson relayed that the fresh funding gives the company plenty of runway to reach its planned commercial launch of Aurora Driver next year and well into 2025. Per the CEO:
We hit our most significant benchmark – Feature Complete – at the end of Q1 2023 and are now charging toward our Aurora Driver Ready milestone at the end of this year. When we achieve Aurora Driver Ready, we’ll have confidence that the Aurora Driver could safely haul freight between Dallas and Houston without a human behind the wheel, setting us up for our commercial launch next year.
Sharing a transparent, concrete timeline and executing against it, builds our confidence internally, and with our investors and other stakeholders.
This is definitely a company to watch, so trust that we will keep you in the loop as it continues to check off milestones on its (driverless) roadmap.
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