Portfolio company Oxbotica raises $140m Series C
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FOR RELEASE ON |
11 January 2023 |
IP Group plc - Portfolio company Oxbotica raises $140m Series C investment
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which develops world-changing science and technology businesses, is delighted to announce that portfolio company Oxbotica Ltd ("Oxbotica" or "the Company"), the global leader in autonomous vehicle software, has raised $140m (£115m*) in a Series C investment round.
Kiko Ventures, IP Group's cleantech platform, supported the round which included financial and strategic partners from North America, EMEA and APAC, including new investors including Aioi Nissay Dowa Insurance Co., Ltd and ENEOS Innovation Partners and current shareholders bp ventures, BGF, Halma, Hostplus, Ocado Group, Tencent, Venture Science and ZF, amongst other global companies. Following today's announcement, Oxbotica has raised approximately US$225m to date.
The funding will drive Oxbotica's geographical expansion in North America, EMEA and APAC, and accelerate the deployment of its ground-breaking autonomy operating system in domains where there is both urgent need and potential to scale, such as agriculture, airports, energy, goods delivery, mining and shared passenger transportation.
As previously announced on 02 December 2022, IP Group recorded a net unrealised fair value gain of approximately £36m or approximately 4p per share following the first close of the round. IP Group committed £4.2m to the funding round . Parkwalk, IP Group's wholly owned EIS fund manager, has also invested £9.9m in Oxbotica to date.
Jamie Vollbracht, Founding Partner at Kiko Ventures, said: "Crucially, Oxbotica is deploying solutions in applications where there is a need for autonomy today. The systemic benefits of such autonomy solutions, and how they will radically improve the future of transportation, shouldn't be underestimated! We are delighted to be part of the journey with the team and congratulate the leadership on this substantial fundraise."
Moray Wright, CEO at Parkwalk Advisors, said: "We are absolutely delighted to see Oxbotica raise the funding required to fulfil their commercial opportunities. The team's unique technology and architecture has multiple applications which is why Parkwalk joined forces with IP Group's cleantech team to lead the Seed and Series A funding rounds in 2018 and 2019 respectively."
Oxbotica is a global leader in autonomous vehicle software for businesses and aims to unlock the benefits of self-driving technology to every person and every organisation on the planet. Oxbotica's suite of products (Oxbotica Driver™, Oxbotica Cloud™, and Oxbotica MetaDriver™) is enabling Universal Autonomy™: the ability of any vehicle, of any size, in any location to operate autonomously, safely, and sustainably.
*GBP equivalent using 1.21 USD/GBP
For more information, please contact:
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IP Group plc |
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Liz Vaughan-Adams, Communications |
+44 (0) 20 7444 0062/+44 (0) 7967 312125 |
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Portland |
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Vic Wallin |
+44 (0) 7973 823 119 |
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Alex Donaldson |
+44 (0) 7516 729 702 |
Notes for editors
About IP Group
IP Group develops world-changing science and technology businesses across life sciences, technology and cleantech (through Kiko Ventures). The Group has a strong track record of success, having been the founder investor in a number of high-profile companies including Oxford Nanopore Technologies plc, and has one of the most exciting portfolios of high-growth businesses in Europe. The Group also owns Parkwalk, the UK's largest growth EIS fund manager which backs world-changing technologies emerging from the UK's leading universities and research institutions. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.
For more information, please visit our website at www.ipgroupplc.com .
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