- Title: Amazon agrees to buy self-driving technology startup Zoox
- Date: 28th June 2020
- Summary: ROBBINSVILLE, NEW JERSEY, UNITED STATES (FILE - DECEMBER 2, 2019) (REUTERS) VARIOUS OF AMAZON FULFILLMENT CENTER
- Embargoed: 12th July 2020 07:15
- Keywords: Amazon Zoox autonomous technology self-driving startup
- Location: VARIOUS LOCATIONS
- City: VARIOUS LOCATIONS
- Country: USA
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA006CKA9SUF
- Aspect Ratio: 16:9
- Story Text: 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 in 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 round early last year.
While Amazon and Zoox did not disclose the financial terms of the deal, the Information said on Thursday (June 25), citing sources, that Amazon had agreed to pay over $1 billion to buy Zoox. The report 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.
A majority of Zoox investors are getting their money back, according to the Information.
Zoox did not immediately respond to a Reuters request for comment.
Lux Capital, DFJ and 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 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.
(Production: Njuwa Maina)
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