Hyundai invests in Aurora to develop driverless Kia & Hyundai models
Category: #business  By Mateen Dalal  Date: 2019-06-15
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Hyundai invests in Aurora to develop driverless Kia & Hyundai models
  • The investment intends to bring the startup’s innovative self-driving technology to a wider range of Kia and Hyundai vehicle models.
     
  • The Hyundai investment brings the total funding raised by the startup to approximately $700 million.

Hyundai Motor Company (Hyundai), a renowned South Korean multinational automobile manufacturer, has reportedly announced that it has invested in driverless car software startup, Aurora Innovation, Inc. (Aurora).

Reports cite, the investment intends to bring the startup’s innovative self-driving technology to a wider range of Kia and Hyundai automobiles models. The Hyundai investment brings the total funding raised by the startup to approximately $700 million.

According to a press release by Aurora, the investment is an extension to an existing partnership agreement that exists between Aurora and Hyundai & Kia that focuses on integrating Aurora Driver into Hyundai’s fuel-cell powered flagship vehicle, NEXO.

The Co-Founder & Chief Product Officer of Aurora, Sterling Anderson stated that the company’s primary aim is to work alongside its partners to bring the benefits of self-driving technology to more vehicles quickly, safely and broadly.

The investment does not make the company’s driverless technology exclusive to Hyundai and Kia and the startup aims to facilitate its innovative system to many different automobile industry players.

Recently, Aurora also signed a partnership agreement with Fiat Chrysler Automobiles to develop driverless vehicles for its corporate clients. Meanwhile, it is also working with a China-based electric vehicle manufacturer, Byton.

For the record, Aurora utilizes LIDAR or light detection and ranging sensors in its autonomous driving systems. The company’s approach is completely different than Tesla’s, which employs radar and cameras to primarily drive its Tesla Autopilot features.

Reportedly, apart from Hyundai, the list of the company’s investors also includes names such as Sequoia, Greylock, T. Rowe Price, Shell Energy’s venture capital group and tech giant Amazon.

According to reports, the total size of Hyundai’s investment in Aurora has not been disclosed yet.

 

Source:

https://www.cnbc.com/2019/06/12/hyundai-backs-aurora-to-bring-driverless-systems-to-kia-hyundai-cars.html

https://medium.com/aurora-blog/hyundai-and-kia-invest-in-aurora-6e1afbde609b

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About Author

Mateen Dalal    

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

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