Oxa, a self-driving technology startup based in Oxford, has secured $103 million in new funding to expand its autonomous vehicle technology for industrial environments such as ports, airports and logistics facilities.
The investment forms part of the company’s Series D funding round. According to Oxa, $50 million of the capital was provided by the UK National Wealth Fund. Other investors participating in the round include NVentures, the venture capital arm of Nvidia, and bp Ventures, the investment arm of BP. The latest financing increases Oxa’s total funding to more than $250 million.
Unlike many autonomous driving companies focusing on robotaxis and passenger vehicles, Oxa is concentrating on what founder Paul Newman describes as “industrial mobile autonomy.” The company targets applications in controlled environments such as ports, warehouses and airport logistics operations, where traffic conditions are generally more predictable.
“We think trying to do that in the passenger car space is super, super hard,” Newman said. “In the industrial space, it’s extremely clear what you need to do to make a product.”
Oxa develops both software and hardware systems designed to automate existing vehicles. The company states that its technology can convert heavy-duty port trucks into autonomous vehicles in less than a day. The new funding will support the expansion of deployments with customers including DHL, BP and Vantec, as well as the rollout of additional projects expected to be announced in the near future.
The announcement comes amid increased investment activity in the UK autonomous vehicle sector. Recently, Wayve raised $1.2 billion in a Series D round while working with Uber and several automotive manufacturers on autonomous driving and driver-assistance technologies.
