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Sector
Industrials
Size
Large Cap
Market Cap £8.48bn
Enterprise Value £8.79bn
Revenue £1.30bn
Position in Universe 126th / 1809

Self-driving software startup Oxbotica raises $47mln in latest funding round

Wed 6th January, 2021 12:01am
By Nick Carey
    LONDON, Jan 6 (Reuters) - Self-driving software startup
Oxbotica said on Wednesday it has raised $47 million in its
latest funding round led by the venture arm of oil giant BP
 BP.L  and including health and safety device maker Halma Plc
 HLMA.L  and Tencent  0700.HK .
    The startup, an Oxford University spin-out which develops
autonomous systems that could be used in vehicles from taxis to
freight trucks, said the funding will speed up commercial
deployment of its software platform "across multiple industries
and key markets".
    "We have a vision, we have the technology, we have the team,
we see the markets and we have the customers," Oxbotica founder
Paul Newman said in a statement.
    The Oxford-based company said that its software works "with
any vehicle, any time, and in any place".
    Developing the technology for fully self-driving cars and
robotaxis has proven more difficult than originally anticipated,
as it requires developing sensors capable of operating on urban
streets with pedestrians. But industry experts say autonomous
driving on motorways could be possible by the middle of this
decade.
    Autonomous technology for freight trucks on highways has
attracted investor attention as it should be easier and cheaper
to roll out, experts say, while providing a clearer path to
profitability.
    There was a flurry of deals last year involving makers of
lidar sensors - seen as essential by many automakers to make
cars capable of driving themselves - including Velodyne Lidar
Inc, Luminar, Innoviz and Aeva.
    In December, San Francisco-based lidar sensor maker Ouster 
said it had agreed to go public through a merger with special
purpose acquisition company (SPAC) Colonnade Acquisition Corp
 CLA.N  in a deal that valued the startup around $1.9
billion. urn:newsml:reuters.com:*:nL8N2J00N3
    SPACs have emerged as a quick route to the stock market for
companies, particularly auto technology firms, and have proven
popular with investors seeking to echo Tesla Inc's  TSLA.O  high
stock valuation.
     

 (Reporting By Nick Carey; editing by Emelia Sithole-Matarise)
 ((nick.carey@thomsonreuters.com; +1 312 636 8837;))
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