Self-Driving Car Startup Raises $50 Million at $1.5 Billion Valuation

Interest in fully autonomous motor vehicles continues to heat up. The latest evidence of this is Silicon Valley startup Zoox raising a whopping $50 million at a staggering $1.5 billion valuation.

The capital was secured last month, according to a source cited in The Wall Street Journal. Zoox, founded in 2014, has now raised close to $300 million.

Zoox’s goal is to build a new car from scratch with autonomy considered at every step of the process. Engineers from esteemed companies like Tesla and Alphabet have joined the startup in pursuit of this project.

Zoox is far from alone, however. Tesla is working rapidly toward self-driving cars, as is Google, and possibly even Apple—let alone traditional car makers like Ford and BMW.

Ford Advances Driver-Assist Technologies En Route to Full Autonomy