Oxbotica raises USD 140 million as its B2B platform gathers traction

By Garima Soni  | Date: 2023-01-11

Oxbotica raises USD 140 million as its B2B platform gathers traction

According to reports, Oxbotica, a firm based out of England that creates software to power autonomous vehicles, has raised a Series C financing of USD 140 million. The funding will be used to expand services for current clients and to attract new business, as a result.

The size of the round is substantial by any measure, but it serves as a hint that companies, and AI firms in particular, are now doing well. Additionally, it demonstrates the kind of businesses supporting and collaborating with startups who are pioneering the field of autonomous driving.

Oxbotica's business model is mostly B2B, and it sells and customizes its autonomous software, which it refers to as "Universal Autonomy," to a wide range of commercial clients. Its assertion is that, irrespective of the hardware utilized and in collaboration with whatever other software its clients are using, its adaptable technology can power whatever it is that a customer's requirements, including navigation, impression, interface design, fleet management, or other characteristics required to operate self-driving vehicles in diverse contexts.

Among the new investors are Japanese companies ENEOS Innovation Partners and Aioi Nissay Dowa Insurance Co., Ltd. Earlier participants in this round included Halma, Venture Science, Hostplus, BGF, Ocado Group, Tencent, Kiko Ventures (IP Group), and ZF.

It is worth noting that a number of these enterprises also contributed to Oxbotica's most recent round, a USD 47 million Series B in January 2021. With this round, Oxbotica has now raised USD 225 million in total.

While some of the more exciting projects involving consumer self-driving cars have been put on hold or have experienced tragic accidents, it has come to light that campus-style, closed surroundings, where it is either riskier or less effective to use humans to drive, are some of the most common scenarios for it and other projects developing autonomous systems.

Other use cases where Oxbotica is developing services include airports, agriculture, shared passenger transportation, and energy, in addition to the sectors of its key partners.

Source credit:

https://techcrunch.com/2023/01/10/oxbotica-raises-140m-more-as-its-b2b-autonomous-vehicle-platform-gains-ground/

About Author

Garima Soni     aeresearch.net

Garima Soni

Despite starting her career in science, Garima always had a zeal for writing. She started out her writer journey as a freelancer which eventually turned into a full-time job. Now as an upcoming MBA professional, Garima pens down articles for BonafideNews and several o...

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