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Amazon to Buy Self-Driving Technology Startup Zoox

Sai Ashish by Sai Ashish
June 27, 2020
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Amazon to Buy Self-Driving Technology Startup Zoox
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Amazon has agreed to buy a self-driving California based start-up named Zoox Inc. In a deal reported the deal is worth more than $1 billion dollars which gives it the option 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 automobile sector, participating in self-driving car startup Aurora Innovation Inc’s $530 million funding round early last year.

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While Amazon and Zoox didn’t disclose the financial terms of the deal, the Information said on Thursday, citing sources, that Amazon had agreed to pay over $1 billion to buy Zoox. The report did not mention the exact purchase price.

Also read: China to get its First Blockchain-Based Public Bidding Platform

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.

Lux Capital, DFJ, and Atlassian co-founder Michael Cannon-Brooks are some of the investors in the Zoox which is around a 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.

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Sai Ashish

Sai Ashish

Hey, I'm basically a Computer science engineer and a content writer, I love to write on Travel, Technology, Business, and Blockchain niche.

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