Aurora Innovation, Inc. announced that it expects to receive $699.999943 million in funding from a group of investors
February 05, 2019
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Aurora Innovation, Inc. announced that it will issue 7,575,511 series B preferred shares at issue price of $92.403 per share for the gross proceeds $699,999,942.933 in funding on February 6, 2019. The shares carry non-cumulative dividend value of $7.39224 per annum per share. The shares are participating. The shares will be convertible in common shares at a price of $92.403 per share.
On the same day, the company issued 5,735,745 shares and received $530 million led by new investor Sequoia Capital in its first tranche. The transaction also included participation from other new investors Amazon.com Inc., Investment Arm, Lightspeed Venture Partners, Geodesic Capital, Shell Ventures, and Reinvent Capital, funds and accounts managed by T. Rowe Price Associates, Inc., and existing investor Greylock Partners and Index Ventures. The round was raised at a post money valuation of more than $2,500 million. As a part of the transaction, Carl Eschenbach of Sequoia Capital joined the company's board of directors. The company has received more than $620 million in funding till date.
Aurora Innovation, Inc. develops the Aurora Driver, which is designed as a platform to adapt and interoperate amongst a multitude of vehicle types and applications. The Company has integrated the Aurora Driver into numerous different vehicle platforms designed to meet its requirements: from passenger vehicles to light commercial vehicles to Class 8 trucks. By creating a common driver platform for multiple vehicle types and use cases. Its second core market focuses on passenger mobility, initially targeting the ride hailing space with Aurora Connect, its driverless ride hailing subscription service. The Aurora Driver will be delivered as a service via Aurora Horizon, its driverless trucking subscription service, and Aurora Connect, its driverless ride hailing subscription service. It also operates its self-driving test vehicle fleet in diverse weather and operating environments, across the Bay Area, Pittsburgh and Texas, allowing it to create a more robust self-driving system.
AURORA INNOVATION, INC. 
