February 6, 2023
Oxbotica, a United Kingdom-based software company which develops solutions for autonomous vehicles, raised $140 million USD in a Series C funding round. The company plans to use the money raised to expand its Canadian presence.
Oxbotica was founded in 2014 with a “mission to make the Earth move.” The company is developing what it calls “universal autonomy,” which is the ability of all vehicles in any environment to operate autonomously, safely and sustainably.
Oxbotica has two headquarters, one in the United Kingdom (UK) and the other in the City of Toronto. Oxbotica’s Toronto office was opened in 2019 and currently hosts 16 employees. With the $140 million USD raised, Oxbotica plans to hire up to 50 new roles for its Toronto office.
Oxbotica has identified Toronto as a “considerable market opportunity.” The company chose Toronto as its North American base for several reasons, including the tremendous commercial opportunities for the company’s universal autonomy operating system.
Oxbotica’s vice president of commercial, Richard Jinks, shared that Oxbotica is advancing an “open autonomy” mining solution in Canada with Wenco International Mining Systems. Jinks stated: “We’re confident this will anchor further success in other industrial domains including airports, logistics and supply chain movements, goods delivery and ultimately shared passenger transportation where self-driving software can help unlock value in Canada.”
Including the $140 million USD investment round, Oxbotica has raised $225 million USD to date. In the coming months, Oxbotica expects to close additional capital as part of its Series C funding round. In early 2021, Oxbotica raised a $47 million USD Series B round, followed by a $13.8 million USD investment from UK online grocer Ocado.
Cole Brown