OXBOTICA RAISES $47 MILLION TO DEPLOY AUTONOMY SOFTWARE PLATFORM AROUND THE WORLD
- Oxbotica raises $47 million cementing its position as a global leader in autonomous vehicle software
- Investment raised from across the globe including Australia, China, UK, and the USA with bp ventures a lead investor
- Oxbotica demonstrates the commercial viability of its universal autonomy software platform, deploying in industries today
London, UK, Wednesday 6th January 2021: Oxbotica, a global leader in autonomous vehicle software, has announced the completion of a $47 million Series B investment with partners across the globe led by bp ventures.
The funding will accelerate Oxbotica’s commercial deployment of its world-class autonomy software platform across multiple industries and key markets. The news is an endorsement of Oxbotica’s go-to-market strategy, deploying its autonomy software in industrial use cases in advance of rolling out in urban passenger transportation applications in the future.
High-calibre global investors in the round include BGF, bp ventures, Halma, HostPlus, IP Group,Tencent, Venture Science, and funds advised by Doxa Partners. With financial and strategic investors in Australia, China, UK and the USA, Oxbotica is placed at the centre of a global autonomy ecosystem.
Oxbotica was founded in 2014 by Oxford University professors, Paul Newman and Ingmar Posner. Since then, the company has grown from a UK robotics start-up to one of the world’s leading autonomy companies.
Oxbotica’s product is a software platform providing Universal Autonomy. It is fast to deploy, low energy, hassle free, hardware agnostic autonomy and applicable to a vast array of vehicle types both on and off road. The advanced technology supports Oxbotica’s unique horizontal B2B model providing operators, integrators and manufacturers the autonomy functionality and flexibility they need – be that a full stack or on a component-by-component basis.
Ozgur Tohumcu, CEO of Oxbotica, said:
“We are very excited about the amazing endorsement we have received from new and existing investors. 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.”
Paul Newman, CTO and Founder of Oxbotica, said:
“We have a vision, we have the technology, we have the team, we see the markets and we have the customers. Adding these high quality investors to this mix, means we can continue to accelerate Oxbotica, and change the way bits (software) move atoms (people and goods).”
Erin Hallock, bp ventures managing partner, said:
“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.“
Jamie Vollbracht, Partner, Cleantech at IP Group plc 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. This substantial funding round will enable Oxbotica to move to the next stage, delivering those benefits in multiple applications across the globe.”
NOTES TO EDITORS
Oxbotica is a global leader in autonomous vehicle software. Oxbotica was founded in 2014 as an Oxford University spin-out with a simple mission to develop autonomy software that will transform all industries where people and goods move. Oxbotica’s autonomy software works with any vehicle, any time, and in any place. This is Universal Autonomy.
Oxbotica’s autonomous vehicle software is deployed across multiple industries, bringing the benefits of autonomy to enterprises globally. Oxbotica is building an ecosystem that supports the adoption of autonomous vehicles, leveraging key partnerships to accelerate the deployment of Universal Autonomy.
BGF was set up in 2011 and has invested more than £2.3bn in over 330 companies, making it the most active investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 16 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2019, Australia did the same, both based on BGF’s funding model.
About bp ventures
- bp ventures was set up more than 10 years ago to identify and invest in private, high growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. Since then, bp has invested almost $700 million in technology companies across more than 31 active investments with more than 250 co-investors.
- Venturing plays a key role in bp’s strategy to tackle the dual challenge of meeting the world’s need for more energy, while at the same time reducing carbon emissions.
- bp ventures focuses on connecting and growing new energy business. It makes strategic equity investments across a portfolio of relevant technology businesses including advanced mobility, low carbon and digital.
- For more information visit: bp.com/ventures
About Doxa Partners
Doxa Partners manages a family multi-asset investment fund. Doxa’s clients have been entrepreneurially successful for nearly two centuries and are now in their sixth generation.
Halma plc is a global group of life-saving technology companies. Our innovative products and solutions address many of the key issues facing the world today. Together, we have a purpose that drives everything we do: Growing a safer, cleaner, healthier future for everyone, every day.
Our purpose defines the three broad market areas where we operate:
- Safety: protecting life as populations grow and protecting worker safety.
- Environment: improving food and water quality, and monitoring air pollution.
- Health: meeting rising healthcare demand as growing populations age and lifestyles change.
We employ over 7,000 people in 20 countries, with major operations in the UK, Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a member of the FTSE 100 index.
Hostplus was established in 1988 as the national industry superannuation fund
for the hospitality, tourism, recreation and sport industries. Hostplus is proud of its industry fund heritage and is run only to benefit our members. Our ‘members first’ philosophy and ethos drives us and is reflected in our ongoing commitment to low fees and the best possible returns for our members, so they can look forward to a more comfortable and dignified retirement lifestyle.
Today, Hostplus is one of Australia’s largest and best-performed industry superfunds, with 1.25 million members, 225,000 contributing employers and nearly $53 billion in funds under management.
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. For more information, please visit our website at www.ipgroupplc.com.
Tencent uses technology to enrich the lives of Internet users. Our communications and social platforms, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted advertising platform helps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support our partners’ business growth and assist their digital upgrade processes. Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent (00700.HK) are listed on the Main Board of the Stock Exchange of Hong Kong. For more information, please visit www.tencent.com.
About Venture Science
Venture Science is a San Francisco based investment firm led by Matt Oguz. The firm is best known for utilizing quantitative decision-making principles in venture investing. Venture Science invests in growth stage technology and life science companies and was an earlier investor in Lyft (LYFT: NASDAQ) and Lemonade (LMND: NYSE).
- Maddie Portwain, Marketing & PR Manager, Oxbotica, Phone: +447799077006, e-mail: [email protected]
- Jamie Ivory, Head of Technology, Performance Communications, Phone: +44 7759659323, e-mail: [email protected]
GP Bullhound acted as financial advisor to Oxbotica
GP Bullhound acted as financial advisor to Oxbotica on a USD 47m growth investment led by bp ventures, with participation from a consortium of investors including Tencent, BGF, Halma, Hostplus, Venture Science, existing investor IP group, and funds advised by Doxa Partners.
Oxbotica is one of the world’s leading autonomous driving software companies, uniquely capable of delivering autonomy to any vehicle, in any location, at any time. The company has built a complete autonomy ecosystem offering navigation, mapping, perception, user interfaces, fleet management and other features required to operate vehicles autonomously in any environment.
The company was co-founded by Professor Paul Newman (Director of the Oxford Robotics Institute) and is powered by a team of world class engineers, including renowned experts in robotics, artificial intelligence, and computer vision.
Oxbotica plans to use the funds to fuel a raft of exciting new deployments, including several this year, spanning across areas such as mining, port logistics and other industrial domains where significant autonomy transformation is currently happening.
Ozgur Tohumcu, CEO at Oxbotica, commented: “We are very pleased to welcome our new investor base and excited to embark on this journey together. The investment and strategic fit will allow us to further scale and deploy our solution across a wide range of commercial applications. With their extensive experience of managing complex funding processes, GP Bullhound has been a key partner to us in closing this successful round.”
Sven Raeymaekers, Partner at GP Bullhound, and Javed Huq, Director, commented: “It has been a true pleasure to support Oxbotica throughout this exciting time of the company’s journey. This fresh capital coupled with the strength of its expanded investor base will enable Oxbotica to continue to develop and deliver its truly remarkable technology platform and build a transformational company.”
This represents GP Bullhound’s 21st transaction in the last 12 months, of which 15 were completed in the software space, including Bridgepoint’s $160m investment in Sendinblue, CVC’s $200m investment in EcoVadis, Wavecrest Growth Partners’ and Beringea’s $29m investment in EDITED, and the acquisition of Assetic by Dude Solutions, among many others.
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About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester, Paris, Hong Kong, Madrid and New York. For more information, please visit www.gpbullhound.com