Unmanned startup Aurora raises $ 2m through successful merger

unmanned-startup-aurora-raises-$-2m-through-successful-merger

Aurora, which specializes in drones, was founded in 2017 by former Google employee Chris Urmson and ex-Uber engineer Drew Bagnell. Both of them at their previous place of work were engaged in autonomous driving technologies.

The unmanned startup Aurora goes public as a result of the merger with SPAC. This abbreviation stands for a specialized company for targeted mergers and acquisitions. As a result, Aurora merged with Reinvent Technology Partners Y.

In parallel, Aurora formed a working relationship with former Tesla employee Sterling Anderson, who led the unmanned technology development team. Aurora managed to get such a prominent specialist because, despite its youth, it has become a prominent player in the market. So, in 2020, she bought the entire Uber autonomous car division.

Aurora’s deal with Reinvent Technology Partners Y values ​​the company at $ 11 billion. It is planned to complete it in the second half of the year. Less than $ 1 billion will come from SPAC, another billion will be raised by investors. Among them are Uber, Volvo and other companies.

The startup itself openly declares that time must pass before the profitability of its projects. In the future, Aurora plans to sell its own technology to other companies.

In the meantime, Aurora is working negatively. Last year, the startup was left without $ 214 million, with 179 million spent on research projects. In the first quarter of this year, Aurora spent $ 189 million, of which $ 159 million was allocated for promising developments. Recall that the company is working on a special software called “Aurora Driver”. This software will be in demand in the field of autonomous freight transport and passenger drones. Moreover, it is planned to use it on trucks as early as 2023. In a year, the passenger sector will also join.