On Wednesday, in a statement self-driving software startup Oxbotica stated, it had raised $47 million in its latest funding round led by the venture capital arm of BP, Halma Plc, a health and safety device maker, and Tencent.
Oxbotica, an Oxford University spinoff, develops autonomous systems that could be used in a range of vehicles including taxis and freight trucks. It said, it will channel the funds towards speeding up the commercial deployment of its software platform “across multiple industries and key markets”.
“We have a vision, we have the technology, we have the team, we see the markets and we have the customers,” said Oxbotica founder Paul Newman in a statement.
Oxbotica said its software works “with any vehicle, any time, and in any place”.
Autonomous technology for freight trucks on highways has attracted investor attention since it is easier and cheaper to roll out compared to taxies, with experts saying it provides a clearer path towards profitability.
2020 saw a flurry of deals involving makers of lidar sensors, with carmakers, including Luminar, Velodyne Lidar Inc, Aeva, and Innoviz, seeing the sensor as being essential towards self-driving technology.
In December 2020, San Francisco-based lidar sensor maker Ouster had stated it plans on going public through a merger with special purpose acquisition company (SPAC) Colonnade Acquisition Corp in a deal that valued it at $1.9 billion.