Zoox in talks with SoftBank to fund self-driving cars

Startups

by DailyPost 173 Views 0

Autonomous car startup Zoox is in talks with Japanese funding agency SoftBank to boost extra funding. We’ve confirmed the information, which was first reported by Axios. 

We’re listening to the discussions are within the early levels and nothing has been finalized, however that SoftBank has been all for Zoox for some time. The startup can also be speaking to different unnamed potential buyers.

Zoox presently has a valuation above $1.5 billion and beforehand raised capital from Draper Fisher Jurvetson, Lux Capital and others. Axios is reporting that the SoftBank conversations have been within the $three billion to $four billion valuation vary.

Constructing automobiles is a capital-intensive enterprise, so it’s no shock that Zoox would search extra funding. And SoftBank’s Imaginative and prescient Fund has about $100 billion to take a position, so the staff is on the lookout for alternatives to put in writing huge checks.

Zoox has been quietly constructing self-driving automobiles, sharing little element about its plans. We’re listening to that the group has explored creating an Uber-like on-demand service.

The race to construct self-driving automobiles has been heating up. Uber and Alphabet’s Waymo are amongst the various corporations which were constructing prototypes.

Zoox was based in 2014 by Jesse Levinson, who got here from Stanford’s self-driving automotive group, and Tim Kentley-Klay, an entrepreneur from Australia. The Menlo Park-based startup has been hiring staff from corporations like Tesla, Alphabet and Apple.

We’ve reached out to Zoox for remark.

Featured Picture: Tomohiro Ohsumi/Getty Pictures

Comments