NVIDIA Backs British Autonomous Driving Startup Oxa
NVIDIA has taken a significant step by investing in the British autonomous driving startup Oxa, with financial support also coming from the UK’s National Wealth Fund. This collaboration signifies a vital boost for the country’s burgeoning technology sector.
Oxa, based in Oxford, specialises in software for self-driving industrial vehicles. The company announced it has successfully raised $103 million (£77 million) from various investors.
This influx of capital will be directed toward enhancing commercial applications of their software, alongside advancements in their physical AI and robotics technology, as they pursue ambitious global expansion.
The funding round comprises $50 million from the National Wealth Fund, which is administered by the Treasury, together with investment from Nvidia’s venture capital arm, NVentures.
Since its inception in 2014, Oxa has concentrated on automating repetitive industrial driving functions. These include essential tasks such as towing and transporting goods in environments like ports, airports, and factories.
The current round of investment also attracts contributions from existing stakeholders, including the London-listed IP Group, which invests in British technology firms, the Australian superannuation fund Hostplus, and BP Ventures, the innovative technology arm of the UK oil giant.
Paul Newman, Oxa’s co-founder and Chief Technology Officer, who also serves as a robotics professor at the University of Oxford, expressed on BBC Radio 4’s Today programme that this investment heralds a great opportunity for the UK.
Newman noted the company had previously exported software for passenger-carrying vehicles to the US, facilitating transport for approximately 20,000 individuals.
However, the complexities surrounding regulatory uncertainties regarding autonomous passenger vehicles led to a reevaluation of that market.
He stated, “We think the economics of that are very challenging for us. The economics of having a business in autonomy that works off-highway are cracking.”
Despite this, he emphasised Oxa’s commitment to “universal autonomy,” asserting that their vehicles are designed as generalists capable of navigating a variety of terrains.
Previously operating under the name Oxbotica, the company has also secured grants from the UK government, bolstering its position in the tech landscape.
UK Industry Minister Chris McDonald remarked, “Oxa exemplifies British excellence in digital technologies, which are transforming the global automotive sector. This investment will enhance productivity and improve freight efficiency, both domestically and internationally.”
He added, “With advanced manufacturing and digital technologies central to our modern industrial strategy, we are steadfast in our support for firms like Oxa to fortify the UK’s status as a global leader in connected and automated mobility.”
Source link: Theguardian.com.
