6th Jan 2021 09:07
(Alliance News) - IP Group PLC on Wednesday said that portfolio company and autonomous vehicle software provider Oxbotica Ltd has raised GBP36.0 million in new capital through a Series B financing round.
IP Group committed GBP4.0 million to the round which was led by BP ventures, with funding from other investors including Halma PLC, Tencent Holdings Ltd, Venture Science and funds advised by Doxa Partners.
Following the funding round, IP Group will hold a 15% stake in Oxbotica. Proceeds from the funding round will go towards accelerating Oxbotica's commercial deployment of its autonomy software platform across several industries and key markets.
"Oxbotica provides autonomy where it makes sense today: delivering safety, cost and environmental benefits. Two years after IP Group's first investment, we are delighted to be able to welcome multiple value-adding investors to the share register. This substantial funding round will enable Oxbotica to move to the next stage, delivering those benefits in multiple applications across the globe," said Partner Jamie Vollbracht.
Shares in IP Group were up 2.7% at 107.00 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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