Amazon.com Inc has agreed to purchase California-based self-driving startup Zoox Inc in a deal worth more than $1 billion which gives it the option of using autonomous technology in either the ride-hailing or the delivery network.
The world’s largest online retailer has stepped up its interest in the vehicle market, investing in the $530 million funding round of self-driving car pioneer Aurora Innovation Inc early last year.
Although the financial terms of the deal were not disclosed by Amazon and Zoox, the Information said on Thursday, citing sources, that Amazon had agreed to pay more than $1 billion to buy Zoox. They did not state the exact price of the purchase.
Zoox Chief Executive Aicha Evans and Jesse Levinson, his co-founder and Chief Technology Officer, will continue to lead the company as a separate business, the companies said.
According to the statistics, a lot of Zoox investors get their money back.
Lux Capital, DFJ, and Michael Cannon-Brooks, co-founder of Atlass, are some of the partners in the six-year startup.
Last month, the Wall Street Journal reported that the companies were in advanced talks and that the deal could be worth Zoox less than the $3.2 billion achieved in a funding round in 2018.
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