Unmanned driving technology launched Aurora Innovation Company Agreed to pass Merged with Reinvent technology partner YPeople familiar with the matter said that this is a blank check company led by LinkedIn co-founder Reid Hoffman and Zynga Inc. founder Mark Pincus and other executives.
The valuation of the transaction was not immediately available. TechCrunch reported in early June that aurora Reinvent SPAC is negotiating a nearly $12 billion deal. People familiar with the matter said that an agreement will be announced as soon as Thursday.
Representatives for Aurora and Reinvent declined to comment.
Aurora is led by CEO Chris Urmson and Hoffman is a member of the board of directors. In March, this Silicon Valley-based startup Volvo Group joins its list of partners to develop self-driving trucksPaccar Inc. reached a similar development agreement with Aurora in January. Aurora has stated that its investors include Amazon.com, modern Motor Company and that Car company
Aurora’s technology relies on Lidar innovation, It uses lasers to build a 3D image of the surrounding landscape and helps draw routes around road obstacles. The technology it uses is designed to allow vehicles to “see” farther and faster, which is vital on highways.
Reinvent Technology Partners Y raised US$978 million in its March IPO.Earlier, Reinvent SPACs agreed to cooperate with flying taxi startups Joby Aviation and Insurance Technology platform hippo.