“Aurora Raises $483M for Self-Driving Truck Rollout
Aurora Innovation, a self-driving technology company, raised $483 million in a share sale, surpassing its initial goal of $420 million. The funds were secured a year after raising $820 million from a public and private stock offering. The new capital is expected to support Aurora’s goal of launching driverless trucks by the end of 2024 and achieving cash flow positivity by 2028. The company plans to use the proceeds for general corporate purposes and investments. Aurora’s commercial service is set to begin later this year on the Uber Freight network, with a multi-year collaboration in place. As of June 30, 2024, Aurora had $402 million in cash and $618 million in short-term investments, with a spending rate that leaves it without revenue until operations commence.
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