An autonomous vehicle software company has announced it will accelerate its worldwide deployment of autonomous software for heavy industries after being backed by a suite of global investors.
Oxbotica’s software platform is claimed to feature fast deployment, low energy and is adaptable to multiple on-road and off-road vehicles.
The software has also been designed to be retrofitted to older mining vehicles.
Oxbotica received $USD47 million ($AUD60 million) from investment partners including BP Ventures and BGF, along with financial and strategic investors in Australia, China, the United Kingdom and the United States.
The commercial deployment of the software platform is expected to be deployed in multiple industries ahead of its adaptation to passenger vehicles.
Oxbotica chief executive officer Ozgur Tohumcu said the global footprint of its investors reinforces the company’s position in the autonomous industry.
“We are very excited about the amazing endorsement we have received from new and existing investors,” he said.
“This round of investment marks a key chapter in Oxbotica’s continued growth and pushes us forward in commercialising our autonomous software today, through key strategic go-to-market partnerships.
“The high quality and global footprint of our investors cements our position as a leader in autonomy. We will use funds raised to accelerate the global deployment of our transformative technology.”
The company partnered with Hitachi Construction Machinery subsidiary Wenco in June 2020 to develop an open autonomy solution for mining, which uses technology that allows vehicles to operate without human interaction.
BP Ventures managing partner Erin Hallock said Oxbotica’s software will advance the autonomous vehicle market.
“BP Ventures are delighted to invest in Oxbotica – we believe its software could accelerate the market for autonomous vehicles. Helping to accelerate the global revolution in mobility is at the heart of BP’s strategy to become an integrated energy company focused on delivering solutions for customers,” Hallock said.
Oxbotica was founded as an Oxford University spin-off in 2014 by professors Paul Newman and Ingmar Posner, and today comprises up to 200 employees.