AAURAurora Innovation, Inc.

Aurora Innovation develops self-driving software for long-haul lorries.

The bet is on the motorway rather than the city: highway driving is more predictable, routes repeat, and the economics are obvious — a driver may not legally drive beyond a certain number of hours a day, while a machine can. A shortage of drivers makes the problem more attractive still.

The company does not build lorries: it develops the system and arranges with manufacturers to install it on the production line, running freight under contracts with logistics companies. There is almost no revenue, development spending is heavy, and the valuation entirely reflects belief in the outcome. Risks: how long the technology takes, regulation, liability insurance and the funding runway.