University of Oxford’s autonomous driving software developer Oxbotica has secured $47m in a series B round featuring IP Group as well as several corporates.
Oxbotica, a UK-based autonomous vehicle software spinout from University of Oxford, raised £36m ($47m) in a series B round today featuring commercialisation firm IP Group.
BP Ventures, the corporate venturing arm of oil and gas company BP, led the round, while internet group Tencent and safety equipment conglomerate Halma also took part.
Investment company BGF, superannuation fund HostPlus, investment firm Venture Science and funds advised by Doxa Partners filled out the round, to which IP Group committed $5.5m.
Founded in 2014, Oxbotica has created hardware-agnostic software to provide autonomous driving functionality. It will use the series B capital to accelerate commercial deployment of its technology across multiple industries and geographies.
Jamie Vollbracht, partner, cleantech at IP Group, said: “Oxbotica provides autonomy where it makes sense today: delivering safety, cost and environmental benefits. Two years after IP Group’s first investment, we are delighted to be able to welcome multiple value-adding investors to the share register.”
Oxbotica had secured a total of £19.6m ($24m at the time) as of September 2019, according to a regulatory filing.
The spinout previously closed an $18.5m funding round in 2018 led by IP Group, with participation from the latter’s fund management arm Parkwalk Advisors, and Axa XL, a specialty risk division of insurance firm Axa.
