Oxbotica plans to accelerate its worldwide deployment of autonomous software for the mining industry after being backed by a suite of global investors.
The company partnered with Hitachi Construction Machinery subsidiary, Wenco, in June 2020 to develop an open autonomy solution for mining, which uses technology that allows vehicles to operate without human interaction.
Its software platform is claimed to feature fast deployment, low energy and is adaptable to multiple on road and off road vehicles.
The software has also been designed to be retrofitted to older mining vehicles.
Oxbotica received $47 million ($60 million) from investment partners including BP Ventures and BGF, along with financial and strategic investors in Australia, China, United Kingdom and the United States.
The commercial deployment of the software platform is expected to be deployed in multiple industries ahead of its adaption to passenger vehicles.
Oxbotica chief executive officer Ozgur Tohumcu said the global footprint of its investors reinforces its position in the autonomous industry.
“We are very excited about the amazing endorsement we have received from new and existing investors,” he said.
“This round of investment marks a key chapter in Oxbotica’s continued growth and pushes us forward in commercialising our autonomous software today, through key strategic go-to-market partnerships.
The high-quality and global footprint of our investors cements our position as a leader in autonomy. We will use funds raised to accelerate the global deployment of our transformative technology.”
BP Ventures managing partner Erin Hallock said Oxbotica’s software will advance the autonomous vehicle market.
“BP Ventures are delighted to invest in Oxbotica – we believe its software could accelerate the market for autonomous vehicles. Helping to accelerate the global revolution in mobility is at the heart of BP’s strategy to become an integrated energy company focused on delivering solutions for customers,” he said.
Oxbotica was founded as an Oxford University spin-out in 2014.