Aurora continues to scale its Virtual Testing Suite, running
millions of daily tests to rapidly increase capabilities of Aurora
Driver
Self-driving company Aurora announced it is accelerating
simulation efforts by welcoming the team from Colrspace – a
creative technology start-up made up of Pixar veterans behind the
computer generated imagery (CGI) magic of iconic movie series like
“Toy Story” and “Cars.”
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Colrspace’s team bridges state-of-the-art computer graphics and
machine learning with a data-driven approach to reconstructing 3D
objects and materials, deployable in real-world environments. As
Aurora continues to leverage and expand its Virtual Testing Suite,
Colrspace's technology will bring scalability and increased
accuracy to the high fidelity virtual worlds that underpin Aurora’s
unique sensor simulation capabilities.
“We’re able to move quickly because of the smart foundational
investments we’ve made in our technology and the immensely talented
people who join our company,” said Aurora Co-founder and CEO
Chris Urmson. “Colrspace's team and technology will enable us
to move even faster in developing simulation and machine learning
tools, accelerating our progress towards delivering the Aurora
Driver."
With its industry-leading Virtual Testing Suite, Aurora runs
millions of simulations every day. This allows the company to train
and evaluate the Aurora Driver’s software stack across a vast range
of scenarios and driving conditions, finding edge cases and
catching errors early, well before the software is loaded onto
vehicles. Ultimately, simulation testing drives the development of
the Aurora Driver. It is the quickest, and safest way to train and
test Aurora’s self-driving technology – estimated to be equivalent
to more than 50,000 trucks driving continuously. This, combined
with thoughtful on-road testing, will allow the company to deliver
the Aurora Driver safely and quickly at scale.
As for Colrspace, its innovation is in Protocolr, which is
based on an input image and infers texture and other material
properties of an object. Key to the process is a neural network
that models the processing of the camera pipeline, and couples this
with a differentiable image renderer to enable “inverse rendering,”
which computes the 3D scene and materials that would produce an
image identical to the input photo. Aurora believes this technology
will provide a unique advantage in building virtual worlds that are
almost indistinguishable from the real one. This is critical
because the more realistic the virtual world, the more effective
the testing can be.
Looking ahead, Aurora plans to merge with Reinvent Technology
Partners Y (NASDAQ: RTPY), a special purpose acquisition company
(SPAC), and expects to be listed on Nasdaq with the ticker symbol
AUR on November 4.
About Aurora
Founded in 2017 by experts in the self-driving industry, Aurora
is on a mission to deliver the benefits of self-driving technology
safely, quickly, and broadly. To move both people and goods, the
company is building the Aurora Driver, a platform that brings
together software, hardware and data services to autonomously
operate passenger vehicles, light commercial vehicles, and
heavy-duty trucks. Aurora is backed by Sequoia Capital, Baillie
Gifford, funds and accounts advised by T. Rowe Price Associates,
among others, and is partnered with industry leaders including
Toyota, Uber, Volvo, and PACCAR. Aurora tests its vehicles in the
Bay Area, Pittsburgh, and Dallas. The company has offices in those
areas as well as in Bozeman, MT; Seattle, WA; Louisville, CO; and
Wixom, MI. To learn more, visit www.aurora.tech.
Aurora Overview Aurora Press Kit
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed transaction between Reinvent Technology Partners Y
(“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “continue,” “likely,” and similar
expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this document, including but not limited to: (i) the
risk that the proposed transaction may not be completed in a timely
manner or at all, which may adversely affect the price of RTPY’s
securities, (ii) the risk that the proposed transaction may not be
completed by RTPY’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by RTPY, (iii) the failure to satisfy the conditions to
the consummation of the proposed transaction, including the
adoption of the Agreement and Plan of Merger, dated as of July 14,
2021 (the “Merger Agreement”), by and among RTPY, Aurora and RTPY
Merger Sub Inc., a Delaware corporation and a direct wholly owned
subsidiary of RTPY, by the shareholders of RTPY, the satisfaction
of the minimum cash condition following redemptions by RTPY’s
public shareholders and the receipt of certain governmental and
regulatory approvals, (iv) the inability to complete the PIPE
investment in connection with the proposed transaction, (v) the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Merger Agreement, (vi) the
effect of the announcement or pendency of the proposed transaction
on Aurora’s business relationships, operating results and business
generally, (vii) risks that the proposed transaction disrupts
current plans and operations of Aurora and potential difficulties
in Aurora employee retention as a result of the proposed
transaction, (viii) the outcome of any legal proceedings or other
disputes that may be instituted against Aurora or against RTPY
related to the Merger Agreement or the proposed transaction or
otherwise, (ix) the ability to maintain the listing of RTPY’s
securities on a national securities exchange, (x) the price of
RTPY’s securities may be volatile due to a variety of factors,
including changes in the competitive and highly regulated
industries in which RTPY plans to operate or Aurora operates,
variations in operating performance across competitors, changes in
laws and regulations affecting RTPY’s or Aurora’s business and
changes in the combined capital structure, (xi) the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed transaction, and identify and
realize additional opportunities, and (xii) the risk of downturns
and a changing regulatory landscape in the highly competitive
self-driving industry. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section of RTPY’s registration statement on Form S-1 (File No.
333-253075), its Quarterly Reports on Form 10-Q for the periods
ended March 31, 2021 and June 30, 2021, respectively, the
registration statement on Form S-4 discussed below and other
documents filed by RTPY from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and RTPY and Aurora assume no obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither RTPY nor Aurora gives any assurance that either
RTPY or Aurora or the combined company will achieve its
expectations.
Additional Information and Where to Find It
This press release relates to a proposed transaction between
RTPY and Aurora. This press release is not a proxy, consent or
authorization with respect to any securities or in respect of the
proposed transaction and does not constitute an offer to sell or
exchange, or the solicitation of an offer to buy or exchange, any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. RTPY has filed a
registration statement on Form S-4 with the SEC (333-257912), which
includes a prospectus and proxy statement of RTPY, referred to as a
proxy statement/prospectus. RTPY has mailed a definitive proxy
statement/prospectus and other relevant documents to its
shareholders of record as of September 30, 2021, the record date
established for the extraordinary general meeting of shareholders
relating to the proposed transaction between RTPY and Aurora. RTPY
also will file other documents regarding the proposed transaction
with the SEC. Before making any voting or investment decision,
investors and security holders of RTPY are urged to read the
registration statement, the proxy statement/prospectus and all
other relevant documents filed or that will be filed with the SEC
in connection with the proposed transaction because they will
contain important information about the proposed transaction.
Investors and security holders will be able to obtain free copies
of the registration statement, the proxy statement/prospectus and
all other relevant documents filed or that will be filed with the
SEC by RTPY through the website maintained by the SEC at
www.sec.gov. The documents filed by RTPY with the SEC also may be
obtained free of charge at RTPY’s website at
https://y.reinventtechnologypartners.com or upon written request to
c/o Reinvent Capital, 215 Park Avenue, Floor 11 New York, NY.
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Khobi Brooklyn press@aurora.tech (415) 699-3657
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