Oxbotica, a global leader in autonomous vehicle software, managed to raise $47 million in order to deploy its autonomy software platform around the world.
This investment intends to fasten and grow the company’s commercial deployment of its transformative technology throughout various industries and markets. The company then seeks to advance in the urban passenger transportation applications field later on.
With the spread of the pandemic, experts in the industry have stated that the adoption of autonomous vehicles for delivery will only increase. Self-driving cars, vans and trucks offer an opportunity to minimize the risk of infection by limiting driver contact. Thus, there is much more trust in these kinds of autonomous vehicles than before.
This is especially witnessed with short-haul freight. Indeed, the producer price index for local truckload carriage increased from 20.4% from July to August, according to the U.S. Bureau of Labour Statistics. This is likely due to the high demand for short-haul distribution from warehouses and distribution centres to eCommerce fulfilment centres and stores.
Oxbotica was created in 2014 by Paul Newman and Ingmar Posner, two Oxford University professors. They wanted to create software that could drive autonomous vehicles without having to depend on expensive third-party infrastructure, third-party maps, or GPS. The company has then developed and grown from a UK robotics start-up to one of the global leading autonomy companies. With influential investors from all around the world, Oxbotica has then become one of the first leaders in the global autonomy industry.
Oxbotica was also supposed to start a collaboration with Addison Lee to create and launch autonomous taxis in the city of London by 2021 but this was cancelled. On the other hand, the company is leading testing with Ford Fusion and Mondeo vehicles running in London and Oxford on public roads within the U.K. Centre for Connected and Autonomous Vehicles-funded (CCAV) Driven project.