Oxa, a global leader in autonomous vehicle technology, has raised £77 million in Series D funding including backing from the National Wealth Fund.
The Oxford-based company said the National Wealth Fund, a policy bank owned by HM Treasury but operated independently, contributed £37.5m to the round.
It also received backing from NVentures – NVIDIA’s venture capital arm – and additional capital from existing shareholders IP Group, Hostplus and bp Ventures.
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.
Oxa is developing physical AI and robotics technology, including its configurable and explainable self-driving software, Oxa Driver, and development toolchain, Oxa Foundry.
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.
The firm said it will enable expansion with Oxa’s customers such as DHL, Vantec and bp – demonstrating product-market fit across diverse industries and use cases.
The NWF has £27.8 billion of core capitalisation to deploy in pursuit of three goals: supporting the Government’s growth and clean energy missions; crowding in significant private capital over time; and generating a return for the taxpayer.
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.”
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Paul Newman, Oxa’s founder and CTO, said: “These investments validate our intensified focus on industrial mobility automation, 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.”
A second and final Series D close is expected in H1 2026.
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