Oxa’s ‘physical AI’ solutions involve the automation of repetitive industrial and workplace driving tasks.
British autonomous vehicle (AV) start-up Oxa has raised $103m in a Series D funding round.
Nvidia’s venture capital operation NVentures participated, as did existing shareholders IP Group, Hostplus and BP Ventures. The UK government’s National Wealth Fund contributed $50m to this round of funding.
Oxa said it will use the funding to further develop its robotics and physical AI technology, expand offerings to existing customers, and contribute to its global expansion strategy beyond the UK in areas such as Europe and the Middle East.
The company’s ‘physical AI’ solutions involve the automation of repetitive workplace driving tasks, such as moving goods in ports, airports and manufacturing facilities, or asset and perimeter monitoring in industrial environments. Oxa claims its AV technology can improve safety and efficiency while helping businesses address labour shortages and rising operational costs.
Paul Newman, Oxa’s founder and CTO, said: “These investments validate our intensified focus on industrial mobility automation, 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.”
The UK government’s National Wealth Fund includes advanced manufacturing – Oxa’s field – as a key priority for the country’s scaling of automation and innovation.
The fund’s CEO Oliver Holbourn said the “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”.
Oxa, then known as Oxbotica, was founded in 2014 out of Oxford University. In 2016, it became the first company in the UK to test self-driving cars on public roads. Its industrial customers today include DHL, BP and Vantec
Last month, Nvidia also contributed to a funding round for Wayve, another UK-based AV company but one which focuses on the robotaxi sector.
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