Self-driving trucking technology provider Aurora Innovation Inc. on Friday raised $483 million in financial backing, which puts the Pittsburgh-based company on the path to deploy driverless trucks at scale and become a cash flow positive company by 2028, executives said.
With a planned commercial launch expected at the end of this year, Aurora said the new funding comes after previous funding rounds. Those have included a massive, $820 million combined public and private funding investment in 2023.
According to Aurora, the company has three ingredients in place to supports its plans for a launch. First, the company says it has customers, currently hauling 140 weekly loads for unnamed pilot customers, as well as a June 25 deal with Uber Freight to use its driverless tech. Second, Aurora says it has production-ready platforms, thanks to Volvo’s move to use its technology to direct its Volvo VNL Autonomous vehicle, and a test fleet of Peterbilts. And third, the company has contracted with Continental to industrialize and start to manufacture its technology at scale in 2027.
In a blog post, Aurora CEO Chris Urmson said, “When I look to the future, I envision a world where goods move safely 24/7/365 on driverless trucks. Trucking is the backbone of the American economy but our supply chains are fragile and the number of people who want to drive trucks has not kept up with the demand to move goods. Trucking, as it stands today, is also dangerous – there are now half a million crashes involving trucks resulting in nearly 6,000 deaths every year. Simply put, this technology can’t come soon enough.”
