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Amazon buying self-driving startup Zoox for over $1 billion

Amazon buying self-driving startup Zoox for over $1 billion has agreed to pay over $1 billion to buy self-driving startup Zoox Inc, in a move that would expand the e-commerce giant’s reach in autonomous-vehicle technology.

The company confirmed the deal to The Information (subscription required), which first carried the report. 

A majority of Zoox investors are getting their money back, with some making a positive return, the report added. Lux Capital, DFJ and Atlassian co-founder Michael Cannon-Brooks are some of the investors.

Amazon and Zoox did not immediately respond to a Reuters request for comment.

The Wall Street Journal reported last month that the companies were in advanced talks and the deal could value Zoox at less than the $3.2 billion it achieved in a funding round in 2018.

Amazon has stepped up its investment in the car sector, participating in a $530 million funding round early last year in self-driving car startup Aurora Innovation.


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via Autoblog

June 26, 2020 at 10:39AM