We’re back with another edition of TechCrunch Mobility, your go-to source for the latest news and insights on the future of transportation. To stay up-to-date, sign up for our newsletter here for free.
For our U.S.-based readers, we hope you’re enjoying the long Memorial Day weekend. If you’re planning a trip, be prepared for crowded roads, as AAA estimates that 45.1 million people will travel at least 50 miles from home between Thursday and Monday, with 39.4 million of them using a car.
Now, let’s dive into the latest news from companies like Aurora, Uber, Tesla, and Waymo, as well as some exciting startups you should know about.
A little bird
Do you have a tip for us? Reach out to Kirsten Korosec at kirsten.korosec@techcrunch.com, Sean O’Kane at sean.okane@techcrunch.com, or Rebecca Bellan at rebecca.bellan@techcrunch.com. You can also check out our guide on how to contact us securely.
Deals!
Luminar, a lidar startup, has secured a deal with Yorkville Advisors Global that could bring in up to $200 million in funding through the sale of convertible preferred stock over the next 18 months.
As part of the agreement, Luminar will initially issue $35 million in convertible preferred stock, with the option to issue additional tranches of up to $35 million every 60 days at a purchase price equal to 96% of the stated value of the convertible preferred stock.
This move comes after Luminar’s board recently replaced founder Austin Russell as CEO, and the company undergoes its third restructuring in a year.
Other notable deals include…
SparkCharge has raised $15.5 million in a Series A-1 round, along with a $15 million venture loan, to support its “charging-as-a-service” platform for fleets.
Sylndr, an Egyptian online used car sales startup, has raised $15.7 million in funding, as well as $10 million in debt financing, to expand its services to include auto financing and tools for dealers.
Meanwhile, Nikola‘s hydrogen trucks, valued at around $114 million, are being auctioned off as the company unloads its assets following its bankruptcy filing in February.
Notable reads and other tidbits
Autonomous vehicles
Aurora has added human “observers” to its self-driving trucks at the request of its partner PACCAR, sparking questions about the purpose of this move. These observers are not human safety operators and cannot intervene.
Other autonomous vehicle news includes Einride founder Robert Falck stepping down as CEO, and Reliable Robotics appointing Marc Stoll as its new CFO.
Source Link
