Total amount raised
$1 Billions
Latest funding date
10/1/2019
Location
Zoox has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company focuses on developing autonomous, all-electric vehicles designed specifically for riders.
Keep reading to explore the intricacies of Zoox's fundraising journey and the investors backing this innovative platform.
What Is Zoox?
Founded in 2014, Zoox is headquartered in Foster City, California. The company was established by Jesse Levinson and Tim Kentley Klay.
Zoox specializes in developing autonomous, all-electric vehicles designed specifically for riders. Their mission is to create a safer, more enjoyable, and environmentally friendly mode of transportation.
With a workforce of between 1001-5000 employees, Zoox continues to innovate in the field of mobility-as-a-service and self-driving car services.
How Much Funding Has Zoox Raised?
- Seed Round
- Amount Raised: $40M
- Date: July 2015
- Lead Investors: Lux Capital, Threshold
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their autonomous vehicle technology.
- Series A
- Amount Raised: $250M
- Date: October 2016
- Lead Investors: Blackbird Ventures, Lux Capital, Thomas Tull, Threshold
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their engineering team and accelerate product development.
- Series A (Additional)
- Amount Raised: $50M
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further support ongoing research and development efforts.
- Series B
- Amount Raised: $465M
- Date: July 2018
- Lead Investors: Grok Ventures
- Valuation at Round: $3.2 billion
- Motivation Behind the Round: To boost the bankroll for developing electric robotaxis.
- Convertible Note
- Amount Raised: $200M
- Date: October 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue the development of their self-driving car technology.
Zoox has raised a total of $1.005 billion in funding. The current valuation is $1.2 billion.
Key Investors
- Lux Capital
- Details: Lux Capital is a venture capital firm that invests in emerging science and technology ventures. Founded in 2000, the firm has a strong focus on early-stage investments.
- Investment Focus Areas: Biotechnology, energy, healthcare, space.
- Notable Investments: Auris Health, Kallyope, Shapeways.
- Threshold
- Details: Threshold, formerly known as DFJ, is a venture capital firm that partners with early-stage companies. The firm has been active since 1985 and has a history of backing transformative companies.
- Investment Focus Areas: Consumer internet, enterprise technology, healthcare, sustainability.
- Notable Investments: Tesla, SpaceX, Twitter.
- Blackbird Ventures
- Details: Blackbird Ventures is an Australian venture capital firm that invests in technology startups. The firm aims to support founders with global ambitions.
- Investment Focus Areas: Software, consumer internet, deep tech.
- Notable Investments: Canva, Culture Amp, SafetyCulture.
- Grok Ventures
- Details: Grok Ventures is a private investment company founded by Mike Cannon-Brookes, co-founder of Atlassian. The firm focuses on long-term investments in innovative companies.
- Investment Focus Areas: Technology, renewable energy, sustainability.
- Notable Investments: Atlassian, Brighte, Sun Cable.
- Thomas Tull
- Details: Thomas Tull is an American businessman and film producer, known for founding Legendary Entertainment. He is also an active investor in technology and media companies.
- Investment Focus Areas: Media, technology, sports.
- Notable Investments: Legendary Entertainment, Magic Leap, Oculus VR.
What's Next for Zoox?
Zoox is poised to capitalize on the burgeoning autonomous vehicle market by expanding its testing locations from the San Francisco Bay Area to Las Vegas. This move signifies a significant growth opportunity, as the company aims to develop a unique self-driving car from the ground up, setting it apart from competitors who retrofit existing vehicles.
With a $200 million convertible note already secured, Zoox is on track to close its Series C funding round soon. This influx of capital will likely attract both new and existing investors, further bolstering its ambitious development plans. However, the company faces challenges, including leadership instability and fierce competition from established players like Waymo.
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