UK autonomous vehicle technology company Oxa is seeking significant additional investment as it looks to strengthen its financial position and support the next stage of its commercial development.
The Oxford-based business has warned that further funding will be required by the end of March to meet its financial commitments and maintain its position as a going concern.
In its latest accounts, Oxa said that “further significant fundraising is required” within this timeframe, highlighting the importance of securing additional investment in the coming months.
The funding requirement follows the company’s announcement earlier this year that it had raised £77 million, including a £37.5 million investment from the UK’s National Wealth Fund (NWF). The fund holds a 22% stake in the business, alongside other major investors including Google, Nvidia and Tencent.
Oxa, formerly known as Oxbotica, was founded in 2014 by Professor Paul Newman and became the first company to trial autonomous vehicles on UK roads in 2016.
While initially focused on developing self-driving cars, the company has since broadened its approach, concentrating on autonomous vehicle technology that can be deployed across a range of applications, including mining equipment, logistics vehicles and passenger shuttles.
Its latest accounts show that losses narrowed to £52.5 million, compared with £68.8 million the previous year. The business held approximately £52.2 million in cash at the end of the reporting period.
Oxa’s search for further investment comes as the UK autonomous vehicle sector continues to develop, with increasing commercial interest in driverless transport and the introduction of autonomous passenger services.
The company has also been pursuing international opportunities. Last month, it signed a joint venture agreement with the Dubai Future Foundation to bring its autonomous logistics technology to the United Arab Emirates, with deployment targeted for 2027.
Further external investment could provide Oxa with the financial backing needed to progress these commercial opportunities, accelerate deployment of its technology and work towards profitability.
Oxa chief financial officer Anthony Jones said the company continued to see growing commercial traction.
He said: “Oxa’s commercial traction continues to increase, validating the tangible product development progress achieved year on year.
“Our board is confident that we can execute our go-to-market strategy and secure a pathway to profitability in line with our plans and projections.”
(Picture: Oxa)
