Monday, April, 22, 2019 02:11:00
  • The capital was raised in a Series B funding round which was led by Sequoia Capital with significant investment coming from Amazon & T. Rowe Price Associates.

 

  • The massive investment round has pushed Aurora’s valuation to more than $2.5 billion.

Aurora, a renowned self-driving vehicle startup, has reportedly announced that it has raised more than $530 million in a Series-B funding round which was led by American venture capital company, Sequoia Capital, with significant investment coming from Amazon & T. Rowe Price Associates.

Reports cite, the massive investment round has pushed the company’s valuation to more than $2.5 billion. The company had earlier announced a Series-A funding round which raised over $90 million from Index Ventures & Greylock Partners in February of 2018, which brings the total amount raised till date to about $620 million.

According to a report by Reuters, Sequoia Capital partner, Carl Eschenbach would be joining Aurora’s board as part of the investment. The round marks the first time Sequoia Capital has invested in a firm working in the self-driving vehicle industry and comes following years-long study by Sequoia of over 15 self-driving car firms from across the world.

Carl Eschenbach would be joining other external directors from a number of different firms, including LinkedIn co-founder, Reid Hoffman, the co-founder of Index Ventures, Mike Volpi as well as venture capital investor, Ian Smith.

While the volume of the rise and the new valuation of the company are quite notable, the company’s collection of new investors is the factor that is providing the best view of its ambitions.

The company would require more financial capital as it works on developing a full-stack solution for automated vehicles, making the company’s choice of investors very crucial for its future.

While T. Rowe Price could facilitate the type of long-term thinking the company would be needing if it is to survive in the automobile industry, Amazon’s logistical prowess & the sheer capital could particularly prove to be very beneficial for the company as it moves forward.