Amazon agrees to acquire self-driving technology startup Zoox

The Amazon.com Inc. logo is displayed on an Apple Inc. laptop computer in this arranged photograph taken in the Brooklyn borough of New York, U.S., on Monday, April 23, 2019. Amazon.com Inc. is scheduled to release earnings figures on April 25. Photographer: Gabby Jones/Bloomberg

Amazon.com Inc has agreed to buy California-based selfdriving 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 selfdriving 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, citing sources, that Amazon had agreed to pay over $1 billion to buy Zoox. The report https://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.

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.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.