Autonomous vehicle business Oxa raises $103m

Oxa, a UK-based developer of autonomous vehicle (AV) technology, has raised over $100m from investors.

The investment will enable Oxa to intensify its focus on commercialising solutions for Industrial Mobility Automation (IMA), which involves the automation of repetitive industrial driving tasks.

A total of $103m was raised via a Series D funding round, raising a total of $103m (£77m). 

An initial $50m commitment from the National Wealth Fund, alongside backing from NVentures (NVIDIA’s venture capital arm) and additional capital from existing shareholders IP Group, Hostplus and bp Ventures completes the first close. 

The funding will boost the development of Oxa’s physical AI and robotics technology, including its configurable and explainable self-driving software, Oxa Driver, and development toolchain, Oxa Foundry. It will enable expansion of projects Oxa’s customers such as DHL, Vantec and bp to demonstrate product-market fit across diverse industries and use cases.

Oxa is focussing on business applications as it feels industrial sectors are ideally placed to benefit from the early adoption of autonomy. 

Oxa’s solutions include the towing and carrying of goods in locations like ports, airports or manufacturing facilities, and asset and perimeter monitoring in environments such as solar farms or industrial plants. 

The company believes its autonomous vehicle technology will help businesses address critical challenges such as labour shortages and rising operational costs.

The funding will also support Oxa’s global expansion plans, with a strategic focus on key markets across the UK, Europe, and the Middle East where there are significant opportunities for the deployment of self-driving technology.

Paul Newman, Oxa’s founder and chief technology officer, said: “These investments validate our intensified focus on Industrial Mobility Automation (IMA), where the path to commercial deployment at scale is clearest and most immediate. The capital will supercharge the development of our technology, enabling our industrial customers to benefit from significant productivity gains, lower operational costs and increased workplace safety, sooner. We are proud to be developing world-leading technology here in the UK, fundamentally changing the way industry moves and cementing our position as the category leader for IMA globally.”

Oliver Holbourn, National Wealth Fund chief executive, said: “The National Wealth Fund’s investment will give Oxa the support it needs to accelerate the scale and deployment of its ground-breaking technology, unlocking the potential in connected and autonomous mobility. This could provide a significant boost to growth and productivity in the UK, creating an industry worth billions of pounds, generating thousands of well-paid jobs and providing significant productivity benefits across many sectors.”

A second and final Series D close is expected in H1 2026.

Nomura International acted as financial advisor to Oxa in relation to the funding.

The government’s recent Advanced Manufacturing Sector Plan sets a target for the UK to become “a global leader in scaling up innovation and automation”. Advanced Manufacturing, Digital and Technology and Transport form three core pillars of the National Wealth Fund’s new priority sectors, with this investment marking its first investment into Advanced Manufacturing since it was explicitly added to the mandate.

Responding to the Oxa fundung announcement UK minister for industry Chris McDonald, said: “Oxa is a great example of UK excellence in digital technologies that are transforming the global automotive sector, and this investment will boost productivity and improve freight efficiency at home and abroad. With advanced manufacturing and digital technologies being central to our Modern Industrial Strategy, we’re supporting firms like Oxa to strengthen the UK’s position as a global leader in connected and automated mobility.”