Amazon, Uber-Backed Driverless Vehicle Startup Aurora Aims Public Listing $11B SPAC Merger

Driverless vehicle startup Aurora plans to go public via SPAC (special purpose acquisition company) merger with Reinvent Technology Partners Y RTPY.
LinkedIn co-founder Reid Hoffman and tech entrepreneur Mark Pincus set up the SPAC.
The deal values Amazon.com Inc AMZN and Uber Technologies Inc UBER- backed startup at $11 billion. It will also get around $2 billion in fresh funding, positioning it to launch its first autonomous product in 2023.
CEO Chris Urmson, Sterling Anderson, who led Tesla Inc's TSLA Autopilot efforts, and Uber executive Drew Bagnell founded Aurora in 2016 amid a boom in robotaxi startups, the Financial Times reports.
Aurora is hugely invested in simulation and virtual development tools and claims to drive the equivalent of 22 million miles per day.
Earlier this year, Aurora collaborated with Volvo AB VLVLY Trucks and PACCAR Inc PCAR, the maker of heavy-duty trucks.
It also has partnerships with Uber, Toyota Motor Corp TM, and Japanese parts supplier Denso Corp DNZOY.
Uber, Paccar, and Volvo are contributing to the $1 billion in new funding.
Price action: RTPY shares traded higher by 1.42% at $9.99 on the last check Thursday.
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