- Aurora Innovation has raised $US600 milion as part of a Series B funding round from backers including Kia and Hyundai.
- Baillie Gifford, Tesla’s top shareholder after CEO Elon Musk, also participated in the round
- Aurora cofounder Sterling Anderson previously worked on Tesla’s Autopilot program.
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Aurora Innovation, a self-driving startup worth $US2.5 billion, has raised another $US600 million round of venture capital with backers including Hyundai and Kia.
Baillie Gifford, a $US221 billion Scottish investment manager that’s Tesla’s largest shareholder after CEO Elon Musk, is also involved in the round, a company spokesperson said, confirming earlier reports by Bloomberg News. However, the company declined to comment on the size of its stake and its name was not included in the announcement by Aurora.
The new investments bring the Series B roung to over $US700 million, though an Aurora spokesperson declined to give specific figures. To date, the company has raised more than $US1 billion in funding, accoring to PitchBook data.
“Together with all of our ecosystem partners, we are seeing the convergence of a powerful platform that will deliver the benefits of self-driving technology safely, quickly, and broadly,” Aurora cofounder Sterling Anderson, who previously oversaw integral parts of Tesla’s Model X and Autopilot programs, said in a press-release.
Kia and Hyundai will join Amazon, Sequoia Capital, Geodesic, Shell Ventures and other previous investors as backers of Aurora, which has penned numerous partnerships with automakers like Fiat Chrysler.
In May, Aurora announced plans to purchase Montana-based Blackmore, a company which develops lidar radar systems used in self-driving cars (with Tesla being a major notable exception).
An earlier version of this post misstated the total amount of funding raised by Aurora to date.
More self-driving car news:
- Uber just revealed a new self-driving car that it will use to take on Tesla and Waymo in the robotaxi wars
- Uber and Lyft are betting on self-driving cars to become profitable. But that may not happen, new research from MIT suggests.
- Your Uber ride could get 80% cheaper over the next decade
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