Nvidia bets on another UK driverless startup
American chipmaker Nvidia has joined a $103 million funding round raised by the Oxford-based autonomous driving startup Oxa, a week after helping to catapult another British driverless tech firm, Wayve, into one of Europe’s most valuable AI companies.
Image by Oxa
American chipmaker Nvidia has joined a $103 million funding round raised by the Oxford-based autonomous driving startup Oxa, a week after helping to catapult another British driverless tech firm, Wayve, into one of Europe’s most valuable AI companies.
The funding round was also backed by the UK government’s National Wealth Fund, which committed $50 million, and existing shareholders IP Group, Hostplus, and bp Ventures, Oxa said in a statement.
The startup specializes in autonomous driving technology for industrial and commercial vehicles, such as tow tractors, rather than consumer self-driving cars, which are a focus for Wayve and its US rival, Waymo.
It’s unclear how much Nvidia contributed in the latest funding round, which it joined through its venture capital arm NVentures. Oxa also didn’t disclose its valuation in the round.
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The startup is currently loss-making, according to Bloomberg, with existing backers such as IP Group and Ocado Group citing issues with funding delays and changes in the company’s commercial outlook.
Oxa, previously known as Oxbotica and spun out of Oxford University, was the first company to trial driverless cars in the UK but has since shifted its focus to industrial uses, where it sees better opportunities to scale.
“These investments validate our intensified focus on Industrial Mobility Automation (IMA), where the path to commercial deployment at scale is clearest and most immediate,” Oxa’s founder and chief technology officer, Paul Newman, said.
The company said the funding will help its expansion plans across the UK, the rest of Europe, and the Middle East, as well as boost its partnerships with clients such as DHL, Vantec, and bp.
Oliver Holburn, chief executive of the National Wealth Fund, said the investment “could provide a significant boost to growth and productivity in the UK, creating an industry worth billions of pounds.”
Nvidia’s investment follows its backing of Wayve, a London-based driverless startup that secured $1.2 billion in funding last week, bringing its valuation to about $8.6 billion and making it one of Europe’s most valuable AI companies.
Nvidia has become the world’s most valuable company following the AI boom, overtaking Apple and Microsoft in 2024.
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