Benzinga | Jul 15, 2021 02:54PM EDT

Amazon, Uber-Backed Driverless Vehicle Startup Aurora Aims Public Listing $11B SPAC Merger

* Driverless vehicle startup Aurora plans to go public via SPAC (special purpose acquisition company) merger with Reinvent Technology Partners Y (NASDAQ:RTPY).

* LinkedIn co-founder Reid Hoffman and tech entrepreneur Mark Pincus set up the SPAC.

* The deal values Amazon.com Inc (NASDAQ:AMZN) and Uber Technologies Inc (NYSE:UBER)- backed startup at $11 billion. It will also get around $2 billion in fresh funding, positioning it to launch its first autonomous product in 2023.

* CEO Chris Urmson, Sterling Anderson, who led Tesla Inc's (NASDAQ:TSLA) Autopilot efforts, and Uber executive Drew Bagnell founded Aurora in 2016 amid a boom in robotaxi startups, the Financial Times reports.

* Aurora is hugely invested in simulation and virtual development tools and claims to drive the equivalent of 22 million miles per day.

* Earlier this year, Aurora collaborated with Volvo AB (OTC:VLVLY) Trucks and PACCAR Inc (NASDAQ:PCAR), the maker of heavy-duty trucks.

* It also has partnerships with Uber, Toyota Motor Corp (NYSE:TM), and Japanese parts supplier Denso Corp (OTC:DNZOY).

* Uber, Paccar, and Volvo are contributing to the $1 billion in new funding.

* Price action: RTPY shares traded higher by 1.42% at $9.99 on the last check Thursday.

* Photo courtesy by Company