Autonomous vehicle software developer Oxbotica has raised £14 million to accelerate its deployment of self-driving vehicles by scaling its activities in Europe, Asia and the US.
The company will use the investment, which came from IP Group plc, Parkwalk Advisors and AXA XL (formerly XL Catlin) to support the next stage of its growth strategy. IP Group Cleantech Partner Jamie Vollbracht will join Oxbotica’s board.
Paul Newman, Oxbotica’s Co-Founder, said: “The domain-agnostic design of our technology, as well as its independence from external infrastructure such as GPS, makes it uniquely versatile across a range of industries. This has allowed us to trade from day one, attracting a significant blue-chip customer base.”
The company’s software has been deployed across a number of high-profile autonomous technology projects, such as trialling driverless grocery delivery with Ocado and testing an autonomous vehicle at Heathrow Airport.
Graeme Smith, CEO of Oxbotica, said: “We are on a mission to bring autonomous software to the world’s biggest markets. We have already seen extraordinary demand from a range of sectors and markets, with the successful deployment of our technology across a strong customer base over the previous four years.
“This injection of funds comes as we move the business into its next growth phase, enabling us to deliver our ambitious plans to scale our capabilities and international presence.”
UK Transport Minister Jesse Norman MP said: “Oxbotica is a terrific example of great British innovation, developing smart solutions to some of the biggest challenges of the future.
“As outlined in the Government’s Industrial Strategy, we see major potential for autonomous vehicles, and I salute cutting edge companies like Oxbotica that help to put Britain not just at the forefront of innovation, but innovation with global potential.”