Self-Driving Truck Startup Aurora Innovation Raises $483M to Launch Driverless Trucks by 2024

Self-Driving Truck Startup Aurora Innovation Secures $483 Million for 2024 Launch

Self-driving technology company Aurora Innovation raised $483 million in a recent share sale, exceeding its initial target of $420 million. This injection of capital fuels Aurora's ambitious plans to launch driverless trucks by the end of 2024.

The company is pursuing a driver-as-a-service model, where carriers purchase trucks equipped with Aurora's technology and offer their services to shippers. Aurora itself will also operate as a carrier, offering up to 20 autonomous Paccar and Volvo trucks to shippers by the end of the year.

Aurora's CEO highlighted the strong investor confidence, citing the recent Analyst Day where investors experienced driverless truck rides firsthand. The company is aiming for cash flow positivity by 2028 and expects the new funding to provide runway well into 2026.

This strategic move comes as Aurora prepares to launch its commercial service on the Uber Freight network. The two companies have established a multi-year partnership, allowing Aurora's technology to be integrated into Uber Freight's platform through 2030.

With its $402 million in cash and cash equivalents and $618 million in short-term investments, Aurora is well-positioned to fuel its growth and achieve its ambitious goals.

Key Highlights:

• $483 million raised through share sale, exceeding initial target
• Driverless truck launch expected by the end of 2024
• Driver-as-a-service model adopted for commercialization
• Partnership with Uber Freight to integrate autonomous driving technology into its platform
• Cash flow positivity targeted for 2028