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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
and including health and safety device maker Halma Plc
and Tencent.
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
in a deal that valued the startup around $1.9
billion.
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 high
stock valuation.
(Reporting By Nick Carey; editing by Emelia Sithole-Matarise)
