British autonomous vehicle software company Oxbotica has secured a £14m ($18.5m) investment in a funding round led by IP Group to expand its activities in Europe, Asia and the US markets.
Other participants in the funding round include Parkwalk Advisors and Oxbotica’s long-term commercial partner AXA XL.
Oxbotica will use the funds to further develop its technology that uses the latest in computer vision, machine learning and artificial intelligence and enables mining vehicles and machinery to operate autonomously in any environment and on any terrain.
The company, which was established in 2014, will focus on further accelerating its sustained growth.
Oxbotica CEO Graeme Smith said: “We are on a mission to bring autonomous software to the world’s biggest markets.
“This injection of funds comes as we move the business into its next growth phase, enabling us to deliver our ambitious plans to scale our capabilities and international presence.”
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The company’s software offering comprises its autonomous control system, known as Selenium, and a cloud-based fleet management system called Caesium.
Selenium combines data from vehicle sensors to drive autonomous vehicles, while Caesium has the ability to schedule and co-ordinate vehicles, optimising routes and exchanging data without human intervention.
IP Group Cleantech Partner Jamie Vollbracht said: “Impressively, by winning substantial contracts with major customers, Oxbotica has been able to fund activities to date without the need for investment.
“IP Group is therefore delighted to have been selected by Oxbotica as its investment partner as it looks to capitalise on the next phase of growth.”
Oxbotica offers its software to customers cutting across business lines, including aerospace, automotive, construction, logistics and mining.