Self-driving startup Aurora will raise $2 billion in SPAC merger
Self-driving technology startup Aurora, which was founded by the former head of Google’s autonomous vehicle program, is the latest company to announce that it’s going public by merging with a special purpose acquisition company (or SPAC). The deal will give Aurora about $2 billion in new cash when it closes, which will help the startup in its quest to become a provider of self-driving hardware and software to companies in the trucking and ride-hailing industries.
Aurora is merging with a SPAC called Reinvent Technology Partners Y that’s already listed on the Nasdaq stock exchange, and is run by LinkedIn co-founder Reid Hoffman, Zynga founder Mark Pincus, and investor Michael Thompson). That trio is also in the process of taking electric…