Fundings and Exits

Zoox in talks with SoftBank to fund self-driving cars


Autonomous vehicle startup Zoox is in talks with Japanese expense company SoftBank to elevate more funding. We’ve verified the information, which was initial claimed by Axios. 

We’re listening to the discussions are in the early levels and practically nothing has been finalized, but that SoftBank has been interested in Zoox for a though. The startup is also chatting to other unnamed likely buyers.

Zoox presently has a valuation previously mentioned $1.5 billion and earlier raised capital from Draper Fisher Jurvetson, Lux Capital and some others. Axios is reporting that the SoftBank discussions have been in the $3 billion to $4 billion valuation range.

Making cars is a capital-intense small business, so it’s no shock that Zoox would find more funding. And SoftBank’s Vision Fund has about $100 billion to invest, so the group is seeking for opportunities to generate massive checks.

Zoox has been quietly making self-driving cars and trucks, sharing very little element about its designs. We’re listening to that the team has explored making an Uber-like on-demand from customers company.

The race to construct self-driving cars and trucks has been heating up. Uber and Alphabet’s Waymo are among the lots of companies that have been making prototypes.

Zoox was launched in 2014 by Jesse Levinson, who came from Stanford’s self-driving vehicle team, and Tim Kentley-Klay, an entrepreneur from Australia. The Menlo Park-based mostly startup has been hiring workforce from companies like Tesla, Alphabet and Apple.

We’ve reached out to Zoox for comment.

 

Showcased Image: Tomohiro Ohsumi/Getty Images

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