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Oxa, a global leader in autonomous vehicle (AV) technology, today announced the successful first close of its Series D funding round, raising a total of $103m.

An initial $50m commitment from the National Wealth Fund, alongside backing from NVentures (NVIDIA’s venture capital arm) and additional capital from existing shareholders IP Group, Hostplus and bp Ventures completes the first close. The investment will enable Oxa to intensify its focus on commercialising solutions for Industrial Mobility Automation (IMA), which involves the automation of repetitive industrial driving tasks.

The funding will supercharge the development of Oxa’s physical AI and robotics technology, including its configurable and explainable self-driving software, Oxa Driver, and development toolchain, Oxa Foundry. It will enable expansion with Oxa’s customers such as DHL, Vantec and bp - demonstrating product-market fit across diverse industries and use cases.

Industrial sectors are ideally placed to benefit from the early adoption of autonomy, with a wealth of applications. Oxa’s solutions include the towing and carrying of goods in locations like ports, airports or manufacturing facilities, and asset and perimeter monitoring in environments such as solar farms or industrial plants. Its autonomous vehicle technology will help businesses address critical challenges such as labour shortages and rising operational costs - driving efficiency and safety.

The funding will also fuel Oxa’s global expansion plans, with a strategic focus on key markets across the UK, Europe, and the Middle East where there are significant opportunities for the deployment of self-driving technology.

Minister for Industry, Chris McDonald, said: “Oxa is a great example of UK excellence in digital technologies that are transforming the global automotive sector, and this investment will boost productivity and improve freight efficiency at home and abroad. With advanced manufacturing and digital technologies being central to our Modern Industrial Strategy, we’re supporting firms like Oxa to strengthen the UK’s position as a global leader in connected and automated mobility.”

Paul Newman, Oxa’s Founder and CTO, said: “These investments validate our intensified focus on Industrial Mobility Automation (IMA), where the path to commercial deployment at scale is clearest and most immediate. The capital will supercharge the development of our technology, enabling our industrial customers to benefit from significant productivity gains, lower operational costs and increased workplace safety, sooner. We are proud to be developing world-leading technology here in the UK, fundamentally changing the way industry moves and cementing our position as the category leader for IMA globally.”

Oliver Holbourn, National Wealth Fund CEO, said: “The National Wealth Fund’s investment will give Oxa the support it needs to accelerate the scale and deployment of its ground-breaking technology, unlocking the potential in connected and autonomous mobility. This could provide a significant boost to growth and productivity in the UK, creating an industry worth billions of pounds, generating thousands of well-paid jobs and providing significant productivity benefits across many sectors.”

The Government’s recent Advanced Manufacturing Sector Plan sets an ambitious target for the UK to become “a global leader in scaling up innovation and automation”. Advanced Manufacturing, Digital and Technology and Transport form three core pillars of the National Wealth Fund’s new priority sectors, with this investment marking its first investment into Advanced Manufacturing since it was explicitly added to the mandate.

A second and final Series D close is expected in H1 2026.Nomura International plc acted as financial advisor to Oxa in relation to the funding.

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About Oxa

Founded in 2014, Oxa is a global leader in autonomous vehicle (AV) technology, dedicated to accelerating Industrial Mobility Automation (IMA). Oxa develops advanced physical AI and robotics technology, anchored in its configurable and explainable self-driving software, Oxa Driver; development toolchain, Oxa Foundry; and fleet management software, Oxa Hub. It utilises hardware blueprints known as Reference Autonomy Designs (RADs) to enable the integration of sensors, compute and drive-by-wire systems into existing vehicles produced by OEMs.

Oxa’s solutions automate repetitive industrial driving tasks, such as the towing and carrying of goods in locations like ports, airports, and manufacturing facilities, or asset and perimeter monitoring in environments such as solar farms or industrial plants. It is helping businesses to address critical challenges like labour shortages and rising operational costs - driving efficiency, productivity, and safety. For more information, visit oxa.tech.

About the National Wealth Fund

The National Wealth Fund is charged with deploying capital at scale to drive investment into the UK’s clean energy and growth industries in support of government policy. Investments must meet its triple bottom line: helping deliver the government's growth and clean energy missions, generating a return for the taxpayer and crowding in private capital. The National Wealth Fund is based in Leeds and has £27.8 billion of finance to deploy. It has a team of investment professionals with expertise to invest across the capital structure, including loans, equity investments and guarantees. The National Wealth Fund also provides commercial and financial advisory services and market leading lending to local authorities across the UK. The Fund is wholly owned by HM Treasury but is operationally independent from government.

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