IP Group commits USD35 million to autonomous driving firm Oxa

(Alliance News) - Shares in IP Group PLC rose on Wednesday, as the firm noted its participation in a USD103 million fundraise by Oxa Autonomy Ltd.

IP Group stock edged up 1.2% to 50.34 pence on Wednesday morning in London, having gained 31% in the past year.

The London-based investor in science and technology companies said that Oxa had closed a USD103 million Series D funding round. IP Group invested GBP7.5 million, or USD10 million, from its balance sheet, and GBP19 million, or USD25 million, from Hostplus managed funds.

Following the funding round, IP Group owns 10.6% of Oxa, while its managed funds hold an additional 9.7%.

Oxa specialises in autonomous vehicle technology and plans to use the funds "to intensify its focus on commercialising solutions for industrial mobility automation", IP Group said, "which involves automation of repetitive industrial driving tasks."

Other backers included National Wealth Fund, which contributed USD50 million, and NVentures, the venture capital arm of semicondutor chip maker Nvidia Corp. Oil major BP PLC's investment branch, bp Ventures, also participated.

IP Group Chief Executive Greg Smith said the fundraise "underlines the growing conviction behind Oxa's leadership in industrial mobility automation."

"We believe Oxa's 'universal AI driver' approach positions it to scale autonomy across industrial vehicles and environments as adoption accelerates," Smith noted.

By Holly Munks, Alliance News reporter

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