Oxa has announced the successful first close of its Series D funding round, raising a total of $103m (£77m).
An initial $50m (£38m) commitment from the National Wealth Fund, alongside backing from NVentures (NVIDIA’s venture capital arm) and additional capital from existing shareholders IP Group, Hostplus and bp Ventures completes the first close. The investment will enable Oxa to intensify its focus on commercialising solutions for Industrial Mobility Automation (IMA), which involves the automation of repetitive industrial driving tasks.
The funding will supercharge the 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 enable expansion with Oxa’s customers such as DHL, Vantec and bp – demonstrating product-market fit across diverse industries and use cases.
Industrial sectors are ideally placed to benefit from the early adoption of autonomy, with a wealth of applications. Oxa’s solutions include the towing and carrying of goods in locations like ports, airports or manufacturing facilities, and asset and perimeter monitoring in environments such as solar farms or industrial plants. Its autonomous vehicle technology will help businesses address critical challenges such as labour shortages and rising operational costs – driving efficiency and safety.
The funding will also fuel Oxa’s global expansion plans, with a strategic focus on key markets across the UK, Europe, and the Middle East where there are significant opportunities for the deployment of self-driving technology.
Minister for Industry, Chris McDonald, said:
“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.”
Paul Newman, Oxa’s Founder and CTO, said:
“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.”
(Picture: Oxa)
