The publicly traded Aurora has secured an $853 million raise thanks to a combination of public and private funding, it announced this week. According to leadership, this puts the Strip District-based autonomous trucking company on track to be funded through its commercial launch slated for 2024.
CEO Chris Urmson said he takes the raise as a sign that reputable investors believe Aurora has the ability to commercialize its autonomous vehicles at scale.
“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,” Urmson wrote in a blog post about the raise. “The backing of these investors is a testament to our progress and potential.”
In the blog post, Urmson also notes that Aurora has invested in forms of technology such as a scalable Virtual Testing Suite and a long-range LIDAR solution to enable the Aurora Driver self-driving system to function on highways.
The $853 million figure is an update from Aurora’s original report, which listed the amount raised as $820 million. In an Aug. 2 email to the press, Aurora spokesperson Rachel Chibidakis attributed this $33 million increase to “underwriters [exercising] their option to purchase additional shares within 30 days of the initial public deal.”
Pittsburgh Biz Times reports the company has endured a series of difficult quarters recently: In Q1 2023, Aurora reportedly saw a $196 million net loss, and prior to that in Q4 2022, a $293 million net loss. While it didn’t necessitate the shutdowns or layoffs seen in neighboring tech workplaces in the city, it did align with a hiring slowdown.
As the economy remains uncertain, Urmson said he feels heartened that investors and institutions are willing to give Aurora a vote of confidence in the form of dollars and cents.
“We’re all living through an uncertain time in the financial markets,” he wrote. “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.”
