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Oxford-based autonomous vehicle software developer Oxbotica has secured new funding for its Series C with a $140m (£115m) investment, in a major boost to the UK self-driving vehicle sector.

Oxbotica, which has developed a suite of autonomous vehicle software products, has become a notable player in the industry since it was founded in 2014.

The company has supplied software to partners including BP and Ocado Group, which is working with Oxbotica to develop autonomous food delivery to meet high demands.

“This landmark investment from world-class investors is a tremendous validation of our strategy to apply self-driving technology where there is persistent and urgent demand—in supply chains, industrial sectors and in decongesting our cities,” said Oxbotica CEO Gavin Jackson.

“We share a common purpose with our investors as well as our growing number of customers and partners to make the Earth move more safely, more sustainably and more efficiently.”

The Series C round saw investments from Aioi Nissay Dowa Insurance and ENEOS Innovation Partners. Existing investors that provided additional funds include Kiko Ventures, Ocado Group, Tencent, Venture Science, and ZF.

Oxbotica CTO, Paul Newman added: “With the greatest engineering talent and experience, using the best of AI, robotics and the metaverse, we are delivering on that promise to create value for our customers, our communities and our planet.”

The latest investment will drive Oxbotica’s expansion into North America, as well as the deployment of its Universal Autonomy product.

The Oxford startup has seen plenty of investment rounds since its founding eight years ago, including a £34m Series B in January 2021, and a £14m round in September 2018.

The sizeable funding round bucks the trend of an overall tech funding downturn that began in the second half of 2022.