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Amazon agrees to buy self-driving technology startup Zoox

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Amazon agrees to buy self-driving technology startup Zoox

Amazon.com Inc has agreed to buy California-based self-driving startup Zoox Inc in a deal reported to be worth more than $1 billion that gives it options to use autonomous technology either ride-hailing or its delivery network.

The world’s largest online retailer has stepped up its investment in the car sector, participating in self-driving car startup Aurora Innovation Inc’s $530 million funding early last year.

However, Amazon and Zoox did not disclose the financial terms of the deal, information quoted sources as saying on Thursday, Amazon has agreed to pay more than 1 million to buy the Zoox. The report bit.ly/3dwgauV did not mention the exact purchase price.

Zoox Chief Executive Officer Aicha Evans and its co-founder and Chief Technology Officer, Jesse Levinson, will continue to lead the company as a standalone business, the companies said.

According to the information, most of the investors of Zoox are getting their money back.

Zoox Reuters did not immediately comment on the request.

Lux Capital, DFJ Atlassian co-founder Michael Cannon-Brooks are some of the investors in the six-year-old startup.

The Wall Street Journal reported last month, that the company was in high-level negotiations and that it could reduce the value of the Zoox deal to less than the $3.2 billion it acquired at funding round in 2018.

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