Zoox, a self-drive car startup, is closing a funding round of $500 million at a $3.2 billion post-money valuation, Bloomberg Businessweek reports. Prior to the deal, Zoox was valued at $2.7 billion. The round is led by Mike Cannon-Brookes of Grok Ventures.
Led by Australian artist and entrepreneur Tim Kentley-Klay and computer scientist Jesse Levinson, the Foster City, California-based company has now raised nearly $800 million with a goal of launching its branded service in 2020.
An autonomous car (also known as a driverless car and a self-driving car) is a vehicle that is capable of sensing its environment and navigating without human input. Autonomous cars combine a variety of techniques to perceive their surroundings, including radar, laser light, GPS, odometry, and computer vision.
Zoox, which has been very secretive about the developments so far, cars will be all-electric and fully autonomous. Many other companies are eyeing autonomous vehicles segment including ride-hailing companies like Uber and Lyft.
Zoox, which turned four years old this month, is a 500-person company founded by Tim Kentley-Klay and Jesse Levinson.
Thought the company is keeping the final look of the car close to its chest, the design of the car has also evolved from a low sleek to a all-terrain rugged vehicle.