Zoox receives a $500 million funding

Zoox, an autonomous driving start-up, has managed to raise funds amounting to $500 million in an investment round led by Mike Cannon-Brookes of Grok Ventures.

The new round of investment takes the total funding that Zoox received to $800 million. The company valuation has increased to $3.2 billion. Zoox was valued at $2.7 billion before receiving the funding.

Zoox plans to introduce a ride-hailing service that is fully autonomous as well as electric to the public by 2020. The fully autonomous ride-hailing market is set to see fierce competition since bigger players like Uber and Lyft are also working towards the same goal.

Zoox was founded by Tim Kentley-Klay and Jesse Levinson and has a team of 500 people working in the company.