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The Aurora founders rejoice on the bell on the Nasdaq. | Picture credit score: Aurora
In one other highly-anticipated IPO, self-driving know-how firm Aurora Innovation (AUR) made it’s Nasdaq debut right now. The corporate merged in October with Reinvent Know-how Companions Y (RTPY), a particular objective acquisition firm (SPAC) led by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus.
The corporate began buying and selling right now on the Nasdaq Inventory Market beneath the ticker image AUR. It opened at $11.25 a share, however fell to a detailed of $9.60 after buying and selling 3.5M shares. This outcome provides it a market cap of about $12.5 billion, which is up from the valuation of about $10 billion it had after a enterprise spherical ($400M) final December.
Aurora was one of many first corporations to safe authorization for autonomous car testing in Pennsylvania, the place the corporate headquarters is now positioned. The corporate develops autonomous driving options for each passenger autos and long-haul cargo trucking.
We lined Aurora’s partnership with FedEx the place the 2 corporations examined autonomous long-haul transportation in Texas.
In January 2021, Aurora acquired Uber’s self driving unit, Superior Applied sciences Group. In that deal, Uber took a 26% possession stake in Aurora with a $400 million funding into the corporate.
An enormous market alternative
Aurora sees an enormous market alternative as outlined on this market overview from their November 2021 investor presentation. | Credit score: Aurora Innovation
Aurora despatched an announcement this afternoon: “As of right now, we’re thrilled to proceed on our mission to ship the advantages of self-driving know-how safely, shortly and broadly as a publicly traded firm on NASDAQ (AUR). Aurora works on the intersection of rigorous engineering and utilized machine studying to handle one of the difficult, essential and attention-grabbing alternatives of our era: reworking the best way individuals and items transfer.”
About Aurora
Aurora (Nasdaq: AUR) is delivering the advantages of self-driving know-how safely, shortly, and broadly. Based in 2017 by specialists within the self-driving trade, Aurora is revolutionizing transportation – making it safer, more and more accessible, and extra dependable and environment friendly than ever earlier than. Its flagship product, the Aurora Driver, is a platform that brings collectively software program, {hardware}, and knowledge companies, to autonomously function passenger autos, gentle business autos, and heavy-duty vans. Aurora is partnered with trade leaders throughout the transportation ecosystem together with Toyota, Uber, Volvo, FedEx, and PACCAR. Aurora exams its autos within the Bay Space, Pittsburgh, and Texas and has workplaces in these areas in addition to in Bozeman, MT; Seattle, WA; Louisville, CO; and Wixom, MI. To be taught extra, go to www.aurora.tech.
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