(Alliance News) - IP Group PLC on Wednesday said its portfolio company Oxbotica Ltd has raised GBP115 million in a series C investment round.
The Oxford, England-based intellectual property commercialisation company said Oxbotica had gained investment from new and current global shareholders including Ocado Group PLC, Tencent Holdings Ltd and ENEOS Innovation Partners LLC.
Oxbotica, an autonomous vehicle software company based in Oxford, England, will use the funding to push its global geographical expansion and "accelerate the deployment of its ground-breaking autonomy operating system in domains where there is both urgent need and potential to scale, such as agriculture, airports, energy, goods delivery, mining and shared passenger transportation," IP Group said.
The company said its cleantech platform, Kiko Ventures Ltd, supported the investment round, while IP Group committed GBP4.2 million to the funding. Parkwalk Adivsors Ltd, IP Group's 100% owned EIS fund manager, has also invested GBP9.9 million in Oxbotica to date. At 30 June, IP Group held a 14.3% shareholding in Oxbotica.
Following the latest investment round, IP Group said Oxbotica has raised about GBP186 million to date.
Kiko Ventures Founding Partner Jamie Vollbracht said: "Crucially, Oxbotica is deploying solutions in applications where there is a need for autonomy today. The systemic benefits of such autonomy solutions, and how they will radically improve the future of transportation, shouldn't be underestimated!"
IP Group shares were up 3.2% trading at 61.70 pence per share on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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