Oxbotica raises £14m to accelerate deployment of self-driving vehicles

Oxbotica, the autonomous vehicle software company, today announces the completion of a £14 million investment to support the next stage of its growth strategy. Funds have been secured from three leading investors: IP Group plc, Parkwalk Advisors and AXA XL (formerly XL Catlin).

The investment will be used to further accelerate Oxbotica’s sustained growth, which has already seen it generate significant revenues from an international customer base. Oxbotica’s customers include some of the world’s most prominent businesses in sectors including aerospace, automotive, construction, logistics and mining.

Its software has been deployed across multiple industry-leading projects where the future application of autonomy is being trialled, such as with Ocado, at Heathrow Airport and on major city streets.

Paul Newman, Co-Founder of Oxbotica, said:

"Founded in 2014 on research from Oxford University’s Robotics Institute, Oxbotica’s software uses the latest in computer vision, machine learning and artificial intelligence to enable vehicles to operate autonomously in any environment and on any terrain. This has made it an attractive solution for many enterprises looking to increase efficiency, productivity and safety."

"Its control system, Selenium, allows vehicles to sense their surroundings, while Caesium, Oxbotica’s cloud-based fleet management system, can schedule and co-ordinate fleets of vehicles."

Graeme Smith, CEO of Oxbotica, said:

“We are on a mission to bring autonomous software to the world’s biggest markets. We have already seen extraordinary demand from a range of sectors and markets, with the successful deployment of our technology across a strong customer base over the previous four years.

“This injection of funds comes as we move the business into its next growth phase, enabling us to deliver our ambitious plans to scale our capabilities and international presence. To help us achieve this, we are very pleased to welcome our investors to the company and Jamie Vollbracht from IP Group on to our board.”

Jamie Vollbracht, Cleantech Partner at IP Group, said:

“IP Group is extremely excited about Oxbotica; the company’s highly differentiated approach unlocks a wealth of opportunities. Impressively, by winning substantial contracts with major customers, Oxbotica has been able to fund activities to date without the need for investment. IP Group is therefore delighted to have been selected by Oxbotica as its investment partner as it looks to capitalise on the next phase of growth. I’m very much looking forward to working with the rest of the board and wider team to help capture the many benefits of this technology for all stakeholders.”

Jesse Norman MP, Parliamentary Under Secretary of State for the Department for Transport:

“Oxbotica is a terrific example of great British innovation, developing smart solutions to some of the biggest challenges of the future."

“As outlined in the Government’s Industrial Strategy, we see major potential for autonomous vehicles, and I salute cutting edge companies like Oxbotica that help to put Britain not just at the forefront of innovation, but innovation with global potential.”

Notes to Editors

International law firm Gowling WLG acted on behalf of Oxbotica during this process, the transaction was led by Andrew Lawton Smith and Ian Piggin, supported by Róisín Bergin.

For further information, images or interviews please contact Eulogy at oxbotica@eulogy.co.uk / 0203 077 2000

About Oxbotica

Oxbotica is a mobile autonomy software developer. Its technology enables machines to robustly navigate, understand and act in their specific environments without relying on external infrastructure, such as GPS. Whether complete systems or individual components, its pioneering platform-agnostic technology can be integrated across multiple domains, from airports and warehouses to mines or even on Mars. Its autonomous control system, Selenium, enables vehicles to sense their environment, while Caesium, Oxbotica’s cloud-based fleet management system, can schedule and co-ordinate fleets of autonomous vehicles. Oxbotica’s mission is to enable its customers to access, customise and integrate the world’s leading mobile autonomy IP into their own products.

Based in Oxford, Oxbotica was founded in 2014 by Professors Paul Newman and Ingmar Posner as a spin-out from the internationally renowned Oxford Robotics Institute.

About IP Group

IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner
universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.

About Parkwalk Advisors

Parkwalk invests in high growth, knowledge intensive companies seeking to develop and commercialise technology and innovation originating from UK universities, research intensive institutions and technology clusters.

Founded in 2009, Parkwalk is the largest EIS growth fund manager focused on university spin-outs, having raised over £200m to date and backed over 80 companies across its managed funds since inception.

For further details see www.parkwalkadvisors.com or follow @ParkwalkAdvisor

About AXA XL[1]

AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com

[1] AXA XL is a division of AXA Group providing products and services through four business groups: AXA XL Insurance, AXA XL Reinsurance, AXA XL Art & Lifestyle and AXA XL Risk Consulting