CORRECTED (OFFICIAL)-Oxbotica raises $140 mln to deploy self-driving industrial automobiles – Yahoo Finance

(Removes reference to Trimble in second paragraph because it has not invested in Oxbotica)

By Nick Carey

LONDON, Jan 11 (Reuters) – Self-driving software program startup Oxbotica has raised $140 million from buyers to hurry deployment of autonomous automobiles (AVs) in areas together with heavy business, ports and airports.

The Collection C spherical consists of funding from new buyers together with Japanese insurer Aioi Nissay Dowa Insurance coverage and the enterprise capital arm of Japanese oil refiner Eneos.

It additionally consists of recent funding from current buyers together with Tencent and the enterprise capital arm of BP , in addition to Kiko Ventures, the clear tech funding platform of IP Group and Oxbotica’s first institutional investor.

Oxbotica has now raised about $225 million in whole and the corporate mentioned that extra buyers are anticipated to enroll earlier than the funding spherical closes in a couple of months.

The startup is engaged on particular functions for strategic buyers. These embody AVs for distant BP places, a folks mover for German auto components provider ZF Friedrichshafen and for last-mile supply by British on-line grocery store and know-how group Ocado.

The clamour for robotaxi functions, nonetheless, seems to have subsided.

Ford Motor Co mentioned in October that it was winding down its Argo AI self-driving enterprise, saying robotaxis had been nonetheless too far off to proceed investing.

Oxbotica Chief Government Gavin Jackson instructed Reuters that AVs utilizing the startup’s software program will enter service in 2023 within the vitality and agriculture sectors, plus non-public truck yards, adopted by fixed-route passenger shuttles in 2024.

As soon as rules meet up with the business, the corporate will begin operating exams on restricted routes for Ocado in 2025, Jackson mentioned.

He mentioned the corporate has prospects in mining, building, agriculture, airports, ports and the logistics sector, all of which need secure and dependable AVs.

“These are the functions that matter,” Jackson mentioned. “The proceeds (of this funding spherical) will actually speed up deployment for our industrial prospects.” (Reporting by Nick Carey Modifying by David Goodman)