Autonomous vehicle company Zoox has authorized the sale of up to $630 million in new shares, PitchBook has learned.
The terms of the deal have not been announced and are subject to change. The company didn't immediately respond to a request for comment.
A full $630 million funding could value the company at up to $3.43 billion, per a PitchBook estimate.
Rumors of a possible fundraise emerged in September 2017, when Axios reported that Zoox was in talks with SoftBank about a funding that could total up to $1 billion and value the startup in the range of $3 billion to $4 billion.
Zoox is reportedly building a self-driving car from the ground up, with previously expressed hopes of deploying an entire fleet by 2020. With rivals like Cruise Automation, Waymo, Uber and Lyft working on autonomous vehicle technology, the company is part of a race to get self-driving cars on the road.
Since Zoox was founded in 2014, the secretive startup hasn’t released much information about its autonomous vehicle technology. The company is “building an advanced mobility experience that will support the future needs of urban mobility for both people and the environment,” per its website, language that some suggest could mean Zoox is developing an on-demand service.
The Foster City, CA-based company has previously brought in almost $300 million of equity funding, garnering a valuation of $1.55 billion in 2016. Investors in Zoox include Lux Capital, DFJ and AID Partners Capital. Zoox was founded by Australian entrepreneur Tim Kentley-Klay and Jesse Levinson, who was previously part of Stanford’s autonomous technology unit.
Check out more of our autonomous vehicles coverage.
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