Autonomous vehicle software spinout Oxbotica has secured IP Group, Parkwalk Advisors and Axa XL as investors in its first publicly-disclosed funding round.

Oxbotica, a UK-based autonomous vehicle software spinout from University of Oxford, closed a £14m ($18.5m) round led by commercialisation firm IP Group yesterday. The round also featured Parkwalk Advisors, the fund management subsidiary of IP Group, and Axa XL, a specialty risk division of insurer Axa. Founded in 2014, Oxbotica is developing software for the autonomous vehicle industry that relies on computer vision and artificial intelligence to improve vehicle positioning and fleet management. In addition to the automotive sector, Oxbotica’s technology is also compatible with autonomous vehicles used in aerospace, construction, logistics and mining. The cash will aid Oxbotica’s business growth as the company looks to draw momentum from existing partnerships with operators of autonomous vehicles. Jamie Vollbracht, a partner at IP Group who covers cleantech, has joined the board of directors. Oxbotica was co-founded by Ingmar Posner and Paul Newman, two professors at the Oxford Robotics Institute who specialise in information engineering. The spinout partnered Axa XL, then known as XL Catlin, in 2016 to explore the correlation between mobile robotics and risk management or insurance products.

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