Tencent-Backed Autonomous Vehicle Software Maker Oxbotica Raises $140M For Global Expansion

• Oxbotica, a U.K.-based developer of autonomous vehicle software, raised $140 million in a Series C investment round to deploy its operating system for Universal Autonomy in multiple commercial and industrial domains worldwide.

• The round included funding from existing shareholders, including BP Plc's (NYSE: BP) ventures arm, industrial technology firm Halma Plc (OTC: HALMY), and Tencent Holdings Ltd (OTC: TCEHY).

• New investors included Aioi Nissay Dowa Insurance Co, Ltd and ENEOS Innovation Partners.

• Oxbotica has raised close to $225 million to date.

• The funding will drive Oxbotica's geographical expansion in North America, EMEA, and APAC and accelerate the deployment of its autonomous operating system in domains where there is both urgent need and potential to scale.

• "This investment is ultimately bucking the trend a little bit for self-driving technologies," Bloomberg reports, quoting Oxbotica CEO Gavin Jackson.

• Autonomous vehicles have gained immense prominence lately.

• In 2022, Chinese electric vehicle maker Nio Inc (NYSE: NIO) and Tencent collaborated on autonomous driving and high-definition mapping areas to cash in on Beijing's focus on new energy cars.

• General Motors Co (NYSE: GM) owned robotaxi unit tweeted completing its first paid rides for members of the public in Phoenix and Austin.

• Cruise shared that it accomplished its target to enter two new markets before the end of 2022.

• Price Action: BP shares traded lower by 0.86% at $34.55 in the premarket on the last check Wednesday.

• Photo Via Company

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