Oxford-based autonomous vehicle technology company Oxa has announced a new $103m (£77.2m) Series D funding round that will support the company’s commercialisation of its product.
While many prominent autonomous driving tech firms are developing consumer-facing self-driving taxis and personal cars, Oxa is focused on the industrial applications of self-driving vehicles.
With the new investment secured, Oxa plans to “intensify its focus” on commercialising solutions for what it calls Industrial Mobility Automation, the automation of repetitive driving tasks.
Oxa is developing physical AI and robotics technology, with products including proprietary self-driving software, a development toolchain called Oxa Foundry. It is working with industry partners including BP, DHL and Vantec.
“These investments validate our intensified focus on Industrial Mobility Automation (IMA), where the path to commercial deployment at scale is clearest and most immediate,” said Oxa CTO Paul Newman.
“The capital will supercharge the development of our technology, enabling our industrial customers to benefit from significant productivity gains, lower operational costs and increased workplace safety, sooner.
“We are proud to be developing world-leading technology here in the UK, fundamentally changing the way industry moves and cementing our position as the category leader for IMA globally.”
The investment marks the latest in a recent surge in major funding rounds for British AI companies, with Wayve and ElevenLabs both recently securing large investments.
“Oxa is a great example of UK excellence in digital technologies that are transforming the global automotive sector, and this investment will boost productivity and improve freight efficiency at home and abroad,” said Minister for Industry Chris McDonald.
“With advanced manufacturing and digital technologies being central to our Modern Industrial Strategy, we’re supporting firms like Oxa to strengthen the UK’s position as a global leader in connected and automated mobility.”
The investment included backing from National Wealth Fund, NVIDIA’s NVentures, IP Group, Hostplus and BP Ventures.
“The National Wealth Fund’s investment will give Oxa the support it needs to accelerate the scale and deployment of its ground-breaking technology, unlocking the potential in connected and autonomous mobility,” said National Wealth Fund chief executive Oliver Holbourn.
“This could provide a significant boost to growth and productivity in the UK, creating an industry worth billions of pounds, generating thousands of well-paid jobs and providing significant productivity benefits across many sectors.”
