Autonomous Trucking Startup Aurora Innovation Closes $483M Offering to Launch Commercial Services

Self-driving vehicle developer Aurora Innovation has raised $483 million in a share offering, exceeding its original goal of $420 million as it accelerates preparations for commercial rollouts later this year. The substantial capital injection underscores investor confidence in Aurora’s ability to successfully launch autonomous trucking services at scale.

Founded in 2017, Aurora has been working to develop and deploy the “Aurora Driver,” its proprietary self-driving system for Class 8 trucks. With the new funds in place, the company says it is on track to offer driverless delivery routes to shippers through partnerships with major transportation providers. Aurora initially plans to operate an initial fleet of 20 autonomous Paccar and Volvo trucks for customers by the end of 2024 as it begins commercial service through the Uber Freight network.

According to sources familiar with the funding, strong interest from investors prompted Aurora to upsize its intended offering, generating net proceeds of approximately $405 million for the firm. This infusion of capital is expected to power Aurora’s operations through 2026 and help advance the development of its autonomous technologies. The company’s goal is to achieve positive cash flow by 2028 as it works to deploy fleets of self-piloting trucks at massive scale across North America.

Aurora had previously raised $820 million in equity financing. With over $1 billion in funding to date, Aurora is well-positioned to execute on ambitious commercial plans and accelerate the arrival of driverless long-haul trucking. As the race to commercialize transport automation heats up, Aurora’s substantial war chest will enable continued product development and deployment of real-world autonomous freight operations.