BP, Tencent Back UK Autonomous Vehicle Software Startup
By Adam Clark
Oxbotica, a U.K. developer of autonomous vehicle software, said
Wednesday that it had raised $47 million in a funding round led by
the venture investment arm of BP PLC, which also included Chinese
internet company Tencent Holdings Ltd.
The company, founded in 2014 by professors from the University
of Oxford, said the money would accelerate commercial deployment of
its software. It is initially focusing on industrial uses before
moving on to urban transport.
BP Ventures led the Series B funding round as the British oil
major looks to invest in technology that could help in its planned
diversification as an energy business. In 2018, it acquired the
U.K.'s largest electric-vehicle charging company, Chargemaster.
China's Tencent also participated in the funding round as it
looks to boost its presence in the self-driving sector. Tencent
said in 2019 that it was partnering with BMW to launch a computing
center in China to develop self-driving technology.
Other investors in the round included London-listed IP Group
PLC, an early backer of Oxbotica, and FTSE 100 safety-equipment
company Halma PLC. The latter said the investment would expand
Oxbotica's partnership with Halma's Navtech, a radar technology
Write to Adam Clark at firstname.lastname@example.org
(END) Dow Jones Newswires
January 06, 2021 08:25 ET (13:25 GMT)
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