Oxa, an autonomous vehicle technology startup, has raised £77 million in a Series D first close led by National Wealth Fund, with participation from NVentures, IP Group, Hostplus and bp Ventures. The funding will support the commercialisation of its Industrial Mobility Automation solutions, which automate repetitive industrial driving tasks.
Its autonomous vehicle technology is designed for industrial environments where vehicles perform routine driving tasks. Applications include towing and carrying goods in locations such as ports, airports and manufacturing facilities, as well as asset and perimeter monitoring at sites including solar farms and industrial plants. The technology aims to help businesses address labour shortages and rising operational costs while improving efficiency and safety.
The funding will support development of Oxa’s physical AI and robotics technology, including its configurable and explainable self-driving software Oxa Driver and development toolchain Oxa Foundry. It will also support expansion with customers including DHL, Vantec and bp across multiple industries and use cases.
Oxa plans to expand in key markets across the United Kingdom, Europe and the Middle East where opportunities exist for deploying self-driving technology.
These investments validate our intensified focus on Industrial Mobility Automation (IMA), where the path to commercial deployment at scale is clearest and most immediate. 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 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. 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.
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. 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.
