## Self-Driving Truck Startup Aurora Innovation Raises $420 Million Ahead of Commercial Launch

**Aurora Innovation**, a self-driving technology company, is gearing up for its commercial launch by the end of 2024. They're raising **$420 million** in additional capital to fuel their ambitious plans. 

Aurora, which went public in 2021, operates on a **driver-as-a-service** model. This means carriers purchase trucks equipped with Aurora's self-driving technology and then offer their services to shippers. However, Aurora is also venturing into the market as a carrier, offering autonomous trucks to shippers later this year. 

The company's stock price surged after the announcement, indicating strong investor confidence. While Aurora hasn't disclosed specific plans for the funds, it will likely be used for working capital and general corporate purposes. 

**Key Takeaways:**

* Aurora's fundraising signifies significant investor confidence in the company's future. 
* The company's driver-as-a-service model, combined with their foray into the carrier market, demonstrates a comprehensive approach to the self-driving trucking industry.
* This investment will likely play a crucial role in accelerating Aurora's commercial launch and expanding its operations.

Self-driving technology company Aurora Innovation is looking to raise hundreds of millions in additional capital as it races towards a driverless

Self-Driving Truck Startup Aurora Innovation Raises $420 Million Ahead of Commercial Launch

### Pioneers of Tech Unite for Change

Founders of Europe's biggest unicorns are advocating for a **'tech renaissance'** in Europe through the establishment of a **pan-European entity** aimed at bolstering startups and innovation across the continent. This initiative is backed by notable figures like **Patrick Collison**, CEO of **Stripe**, and **Taavet Hinrikus**, co-founder of **Wise**.

![Patrick Collison at Italian Tech Week](https://image.cnbcfm.com/api/v1/image/108047047-1728892512191-gettyimages-1243617876-ITALY_ELKANN.jpeg?v=1728892581&w=1858&h=1045&vtcrop=y)

The open letter, which has gained support from **VC firms** such as **Index Ventures**, **Sequoia**, and **Seedcamp**, emphasizes the **fragmentation** of Europe’s startup scene due to its diverse countries and cultures. The letter highlights that **legal and regulatory barriers** hinder cross-border collaboration, limiting the potential of European startups.

### The Proposal: EU Inc

The founders propose the creation of a new entity named **EU Inc**, which would operate under a **28th regime** within the EU framework. This would provide an alternative legal structure to ease the regulatory burden on startups. The initiative aims to:
- **Standardize investment processes**
- **Simplify cross-border operations**
- **Create a unified employee stock option framework**

### Challenges and Opportunities

Despite the **world-class talent** in Europe, there are significant challenges in building tech giants compared to the U.S. and China. The letter argues that without such reforms, Europe risks falling further behind in the global tech race. **Mario Draghi**, former European Central Bank President, has called for **€800 billion** in annual investment to boost competitiveness, particularly in technology innovation.

### The Current Landscape

In 2023, European tech startups raised **$45 billion** in venture capital, significantly less than the **$120 billion** raised in the U.S. This disparity underscores the need for initiatives like EU Inc to streamline the funding landscape and support the growth of startups in Europe. The **Atomico report** indicates that while new startups are emerging in Europe at a faster rate, they are **40% less likely** to secure funding after five years compared to their U.S. counterparts.

Andreas Klinger, an investor at Prototype Capital and co-initiator of the EU Inc proposal, emphasizes the urgency of removing obstacles to allow startups to thrive in Europe.

Founders of some of Europe's largest technology unicorns are calling for the creation of a single pan-European entity to promote startups and innovation.

A Call for a Tech Renaissance: Europe's Startups Seek Unity to Compete with Silicon Valley

### Lilium Faces Funding Challenges

**Flying taxi developer Lilium** is likely to miss out on a crucial **guarantee from the German government**. Despite **Transport Minister Volker Wissing** advocating for state aid, the **budget committee** remains unconvinced, leaving Lilium in a state of uncertainty after waiting for months.

![Lilium](https://www.electrive.com/media/2024/10/lilium-1400x933-1.png)
*Image: Lilium*

### The Loan Dilemma

Recent reports from **Der Spiegel** indicate that the budget committee has not reached an agreement on a **€50 million loan**, and the issue will not be revisited. Lilium has been seeking a **state guarantee** for a **€100 million loan**, and has even hinted at the possibility of leaving Germany if these efforts fail.

### Bavarian Support Conditional

In September, **Bavaria pledged €50 million** but only on the condition that the federal government would match this amount. With federal support now seemingly off the table, questions arise regarding the Bavarian commitment. **Frank Schäffler**, responsible for the FDP, stated that providing aid to Lilium would be a risky move for the federal government, suggesting that Bavaria should handle this subsidy alone.

### Future Prospects

The decision comes after a **due diligence review** commissioned by both the federal government and Bavaria. Lilium aimed for a **loan volume** of at least €100 million, with Wissing's ministry previously showing support for the Bavarian cabinet's decision. However, the future remains uncertain as Lilium awaits a response regarding the potential cancellation of federal support.

### A Startup with High Ambitions

Founded by **Technical University of Munich graduates**, Lilium is developing a **vertical take-off electric airplane** designed to seat seven passengers. Recently, the startup announced a significant order for **50 eVTOLs** from Saudi Arabia, but it has yet to generate any revenue. Having raised **€1.5 billion** from investors, Lilium faces a substantial capital requirement of **€300 to €500 million** needed by **2026** for planned type certification, with the first manned flight scheduled for **2025**.

Flying taxi developer Lilium will probably not receive a guarantee from the German government. Although German Transport Minister Volker Wissing (FDP) had campaigned in favour of state aid, the budget committee was not convinced. Lilium has been waiting for a final decision for months.

Lilium's Struggle: Will Germany Support the Flying Taxi Startup?

## The Rise of AI Coding Startups

**Venture Capitalists** are increasingly investing in **generative AI startups** that enhance coding efficiency. Key players like **Poolside, Magic,** and **Augment** are leading the charge, having secured substantial funding.

![Seek AI CEO Sarah Nagy; Zenlytic CEO Ryan Janssen; Mintlify Co-founders](https://i.insider.com/6706f690a70318649280b1d3?width=700)

### The Appeal of AI Coding Tools
**AI coding tools** automate various coding tasks, allowing developers to focus on more creative aspects of their work. This technology aims to reduce complexity and the time required for software development, significantly boosting productivity.

### Investment Trends
According to **PitchBook**, US VC deal activity for generative AI coding tools has surged, with investments jumping from over **$420 million** in 2023 to **over $780 million** in 2024. Notably, the deal count has seen a decline, with **50 deals** in 2023 compared to **35** in 2024.

### Leading Startups and Their Funding
Business Insider, in collaboration with PitchBook, has identified the AI coding and copilot startups that have attracted the most VC funding:

- **Poolside** raised **$500 million** in a Series B round in October 2024, totaling **$626 million** in funding.
- **Magic** secured **$117 million** in February 2024 and announced an additional **$320 million** in August, bringing its total to **$515 million**.
- **Augment** raised **$227 million** in April 2024, valuing the startup at **$997 million**.
- **Anysphere** raised **$60 million** in August 2024, achieving a **$400 million** valuation.
- **Mintlify**, founded in 2022, raised **$18 million** in a Series A round in August 2024.
- **Zenlytic** raised **$9 million** in October 2024.
- **Seek AI**, founded in 2021, raised a **$9 million** seed round in 2023.
- **Espresso AI** raised **$9 million** in seed funding in November 2023.
- **Dosu** raised **$8 million** in seed funding in June 2024.
- **Blitzy** raised **$4.4 million** in September 2024.
- **Granola** raised **$4.25 million** in May 2023.
- **Ellipsis** raised **$2 million** in April 2024 as part of Y Combinator's W24 batch.

These startups are not only innovating in the coding space but also attracting significant investment, showing a promising future for AI in software development.

VCs are excited about generative AI startups that can make coding more efficient. Poolside, Magic, and Augment have raised the most funding.

Top AI Coding Startups Raising Millions: The New Wave of Innovation

In the recent **“Startup-up, Scale-up”** review report, Chancellor **Rachel Reeves** has pledged to transform Britain into the **“high growth, start-up hub of the world.”** Entrepreneurs are optimistic about the commitments outlined in the Labour manifesto. **Shilpika Gautam**, CEO of **Opna**, emphasizes the need for the UK to align with global policy innovations, notably the **Inflation Reduction Act** in the US. 

**Amit Gudka**, founder of **Field**, supports Labour’s ambitious energy plans, while **Meri Beckwith**, co-founder of **Lindus Health**, expresses hope for genuine reforms in the NHS under Labour’s leadership.

However, the shadow of the previous Conservative government looms large, as evidenced by the shelving of a £1.3 billion commitment for tech and AI projects. **Robin Tuluie**, founder of **PhysicsX**, highlights the challenges ahead for the new government.

### Robin AI
**Robin AI** is revolutionizing legal assistance with AI technology designed to make law accessible. **Richard Robinson**, a former corporate lawyer, states, “We’re legal AI for business, not just AI for law firms.” Their innovative product, **Robin AI Reports**, enables rapid analysis of legal contracts, significantly reducing processing times. The company has raised **$26 million** and expanded its offices globally.

### Gaia Family
**Gaia Family**, founded by **Nader AlSalim**, addresses the opaque nature of fertility treatments. By taking upfront payments and covering costs until clients become parents, they apply machine learning to predict treatment outcomes. The startup has raised over **$23 million** and operates in multiple countries.

### Get Harley
**Charmaine Chow**, CEO of **GetHarley**, created an online platform for skincare consultations after struggling with skin issues herself. The service connects patients with 1,500 practitioners and has achieved triple-digit growth since its launch, raising **$52 million** in funding.

### Lindus Health
**Meri Beckwith** co-founded **Lindus Health** to tackle inefficiencies in clinical trials. Their platform automates trial processes, completing them in half the usual time. The startup has raised **$18 million** and is involved in numerous trials.

### Field
Founded by **Amit Gudka**, **Field** provides large battery solutions for renewable energy storage. The company has raised **£200 million** and is expanding its operations across Europe.

### Opna
**Shilpika Gautam** founded **Opna** to facilitate funding for carbon removal projects. The startup has generated over **$340 million** in carbon credits and raised **$6.5 million** in seed funding.

### Sylvera
**Sylvera** helps companies assess carbon offsetting projects using machine learning. The startup raised **$57 million** in Series B funding, expanding its total investment to **$96 million** since its inception.

### PhysicsX
**PhysicsX**, founded by **Robin Tuluie**, utilizes machine learning to enhance engineering simulations. The startup has raised **$32 million** and boasts high-profile clients in various industries.

### Newcleo
Developing a mini nuclear power plant that uses nuclear waste as fuel, **Newcleo** has raised over **€400 million** and is expanding its operations internationally.

### Volt
**Volt**, an open payments platform, allows real-time direct payments for merchants. Founded by **Tom Greenwood**, it has raised **$60 million** and operates across 31 countries.

*This article first appeared in the November/December 2024 edition of WIRED UK.*

The UK capital's most exciting startups showcase its strengths in biotechnology and artificial intelligence.

Discover the Most Innovative Startups in London for 2024: A Deep Dive into the Future of Entrepreneurship

### French Startup Receives $10M Seed Funding

France’s state-backed **Expansion Ventures** fund has invested approximately **$10 million** in **Constellation Technologies & Operations**, a promising **two-year-old startup** aiming to deploy **1500 small 5G broadband satellites** in **very low Earth orbit (VLEO)**.

![Constellation Technologies & Operations Satellite](https://i0.wp.com/spacenews.com/wp-content/uploads/2024/10/20230330_CG_VLEO-IMG_01-RENDER_01-scaled.jpg?fit=1200%2C675&ssl=1)
*Credit: Constellation Technologies & Operations*

### Funding Impact

The investment, announced on **October 14**, will facilitate the completion of engineering studies for the startup's first two satellites, which are set to launch in **2026**. These satellites will utilize cellular frequencies from terrestrial partners to provide services through user terminals developed in-house. The funding also supports initial end-to-end tests via a payload aboard a spacecraft from **Italy’s D-orbit**, scheduled for a **June launch** on a **SpaceX Falcon 9** rideshare mission.

### Vision for Connectivity

Founder **Charles Delfieux** highlighted that the startup's inception was inspired by his experience managing large **World Bank infrastructure programs** aimed at improving access to essential services. He noted that **connectivity** is a fundamental service in today’s world, yet remains a challenge in many regions.

### Market Opportunities

The convergence of terrestrial and satellite networks presents new opportunities to tackle connectivity challenges. **Constellation Technologies & Operations** aims to provide **terrestrial operators** access to an expanding **high-speed, low-latency satellite broadband market**, currently led by **SpaceX’s Starlink**. Several European telecom companies have already shown interest in potential revenue-sharing agreements with the startup.

### Regulatory and Technical Challenges

To operate commercially, the startup must navigate regulatory hurdles and demonstrate that its satellites won't interfere with terrestrial communications. Delfieux emphasized that while VLEO allows for quicker communications, it also presents challenges such as air drag at an altitude of **335 kilometers** above Earth. Their satellites, weighing **350 kilograms**, are designed to last **seven years** in VLEO before naturally disintegrating.

### Future Plans

The startup plans to initiate mass production and deploy its full global constellation between **2027 and 2029**. Currently, **Constellation Technologies & Operations** employs **30 people** across its offices in **Saint-Quentin-en-Yvelines** and **Toulouse, France**. The **Expansion Ventures** fund, managed by **Bpifrance**, supports this initiative as part of France's **2030 strategic investment plan**.

France’s state-backed Expansion Ventures fund has invested about $10 million in Constellation Technologies & Operations, a two-year-old French startup with plans for 1500 small 5G broadband satellites in very low Earth orbit.

Revolutionizing Connectivity: French Startup Secures $10M for Groundbreaking Satellite Network

Helsinki’s startup scene is thriving, evolving from giants like **Nokia** and **Supercell**. With a focus on **work-life balance** and **collaboration**, entrepreneurs here are now turbocharging the ecosystem. Here’s a look at some of the hottest startups making waves in the Finnish capital:

## Paebbl
**Paebbl** is tackling the environmental impact of concrete, which is responsible for **8% of global CO2 emissions**. They use innovative technology to turn carbon dioxide into stone, with plans for commercial plants by **2030**. [Learn more](http://paebbl.com)

## Distance Technologies
This company is revolutionizing the **mixed-reality** space with a prototype that projects 3D images onto surfaces. It aims to enhance navigation for pilots and drivers alike. [Discover more](http://distance.tech)

## Steady Energy
**Steady Energy** is commercializing a low-temperature nuclear reactor that operates efficiently at **65°C to 120°C**. They are set to provide heating solutions for communities by **2030**. [Find out more](http://steadyenergy.com)

## Skyfora
With their **StreamSondes**, **Skyfora** is improving weather forecasting accuracy using advanced meteorological instruments, recently deployed in **Hurricane Beryl**. [Explore their technology](http://skyfora.com)

## Enifer
**Enifer** is reviving an old technique to produce **food-grade mycoprotein** from agricultural waste, aiming for industrial scale by **2025**. [Check it out](http://enifer.com)

## ReOrbit
Pioneering **software-enabled satellites**, **ReOrbit** is transforming satellite communication, with plans for an in-orbit demo satellite in **2025**. [Learn more](https://www.reorbit.space/)

## Realm
**Realm** has developed an AI that searches through corporate documents to answer queries, enhancing knowledge retention in organizations. [Discover Realm](http://withrealm.com)

## Bob W
**Bob W** operates **full-service aparthotels** across Europe, utilizing a digital front desk managed by a chatbot, aiming to expand its footprint. [Visit them](http://bobw.co)

## Swarmia
**Swarmia** enhances software engineering productivity by connecting various platforms to set goals and track performance, currently serving over **1,500 companies**. [Explore Swarmia](http://swarmia.com)

## Noice
**Noice** is a live streaming platform where viewers can gamble on game outcomes, currently in beta testing with plans for a full launch soon. [Check it out](http://noice.com)

*This article first appeared in the November/December 2024 edition of WIRED UK.*

The Finnish capital's most exciting startups are building nuclear-powered heating networks, better weather forecasting tools and an esports streaming platform that lets viewers bet on the outcome.

Discover the Most Innovative Startups Transforming Helsinki in 2024

### The Rise of Older EMBA Graduates in Entrepreneurship  
According to the **2024 FT EMBA Ranking**, there is a noticeable increase in the number of **Executive MBA (EMBA)** graduates venturing into entrepreneurship, particularly among those aged 40 and older.  
  
- **29% of alumni aged 30 or younger** launched startups within three years post-graduation.  
- This figure jumps to **one-third** for those in their late 40s and exceeds **40%** for graduates aged 54 or older.  
  
This trend highlights the **growing importance of mature entrepreneurs** who often have better access to contacts, capital, and experience. The data reflects broader statistics emphasizing the advantages of older founders in the startup landscape.  
  
### EMBA Graduate Statistics  
The share of all participating EMBA alumni who started their own businesses rose from **25% in 2016 to 29% this year**, just shy of the **30% peak** recorded in 2023. The average age of these startup founders has also increased, now standing at just over **43 years old**, compared to **41 in 2016**.  
  
![EMBA Ranking 2024](https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac410fae6-8944-4369-85ea-2d5cb629c350?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1)  
  
### Top Business Schools and Alumni Success  
The **China Europe International Business School (Ceibs)** in Shanghai topped the FT ranking for the first time. This achievement comes despite challenges such as **China’s economic slowdown** and **geopolitical tensions**. The school’s success can be attributed to its high average alumni salaries, which reach nearly **$537,000** after adjusting for purchasing power parity.  
  
### Salary Trends Post-EMBA  
Despite these positive trends, the average salaries of EMBA alumni have seen a decline. For those over 40, earnings decreased from a peak of **$240,000 in 2018** to **$210,000 this year**, adjusted for inflation.  
  
- **Healthcare professionals** lead in salary, followed by those in **financial services** and **technology** sectors.  
  
### Growing Interest in EMBAs  
Interest in the EMBA remains strong among middle and senior managers, contrasting with the stagnation in full-time MBA programs. The **Executive MBA Council (EMBAC)** reports steady demand, with minor increases in new programs and cohort sizes.  
  
### Tuition Costs and Employer Contributions  
Tuition costs for EMBA programs have risen slightly from **$94,000 to $95,000** in 2024. Notably, **55% of students** reported that their employers made no contribution towards these costs.  
  
### Gender and Diversity in Business Schools  
Among the top 100 global business schools, only **two** achieved gender parity in faculty. The **Wharton School** ranked highest for academic research output, while **IE Business School** led in integrating environmental, social, and governance topics into its curriculum.  
  
This evolving landscape of EMBA graduates as entrepreneurs showcases a significant shift towards older individuals taking the plunge into the startup world, leveraging their extensive experience and networks to fuel innovation.

Traditionally used to climb corporate ladders, the Executive MBA is increasingly also a route to entrepreneurship

Self-Driving Truck Startup Aurora Innovation Raises $420 Million Ahead of Commercial Launch

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