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Amazon Agrees To Buy Self-Driving Startup Zoox For Over $1bn: Report

Published on Jun 26 2020 9:39 AM in Technology tagged: Trending Posts / Amazon / Zoox / Self-Driving Startup

Amazon Agrees To Buy Self-Driving Startup Zoox For Over $1bn: Report Inc has agreed to pay over $1 billion to buy self-driving startup Zoox Inc, according to a report in The Information, citing sources, in a move that would expand the e-commerce giant's reach in autonomous-vehicle technology.

The report did not mention the exact purchase price and added Amazon is unlikely to disclose it when the deal is announced, likely to be on Friday (today).

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 Inc.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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