Summary List Placement
Tencent, the Chinese tech behemoth, has backed self-driving software startup Oxbotica in a $47 million funding round.
Since being spun out of the University of Oxford in 2014, Oxbotica has grown from a small-time robotics firm to become one of the world’s leading autonomous driving software companies.
Rather than producing autonomous vehicles itself, the firm offers self-driving software which can be installed in all kinds of vehicles, from taxis to delivery trucks. Its sensor technology was even used in NASA’s Mars Rover.
Despite lofty aspirations, the autonomous vehicle industry has been forced into something of a reality check in recent years: Ford promised to produce a vehicle without a steering wheel or pedals, General Motors said it would launch a self-driving taxi service by the end of 2019, and Uber said it would give customers rides in self-driving vehicles around the same time.
Insider recently revealed details of the battle between Google and Uber to dominate the self-driving space, with chaotic results.
Oxbotica’s latest funding round suggests there’s still plenty of mileage in the industry, however, after the firm won the backing of a host of big name investors, including BGF, BP Ventures, and Venture Science.
“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,” said CEO Ozgur Tohumcu.
“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.”
Insider got an exclusive look at the pitch deck Oxbotica used to bring investors on board. Check it out below: