Portfolio company Oxa raises $103m in Series D

Portfolio company Oxa raises $103m in Series D first close, backed by National Wealth Fund and leading investors

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and technology companies with the potential to create a better future for all, notes that portfolio company Oxa Autonomy Ltd ("Oxa" or "the Company") has announced the successful first close of its Series D funding round, raising a total of $103m.

Oxa, a global leader in autonomous vehicle technology, noted 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 and its Hostplus managed funds, and bp Ventures completed 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.

IP Group invested £7.5m ($10m) from its balance sheet to the financing round and £19m ($25m) from its Hostplus managed funds*. Following completion, IP Group has an undiluted beneficial holding of 10.6% in Oxa, with a further 9.7% held via its managed funds.

Greg Smith, Chief Executive of IP Group, said: "This funding round - with backing from the National Wealth Fund and NVentures (NVIDIA's venture capital arm) - underlines the growing conviction behind Oxa's leadership in Industrial Mobility Automation. We believe Oxa's 'universal AI driver' approach positions it to scale autonomy across industrial vehicles and environments as adoption accelerates. For shareholders, IP Group offers a differentiated route to exposure to a leading private AI company in mobile autonomy."

*Includes funds managed/advised on behalf of Hostplus.