Oxa, a UK-based autonomous vehicle software company, has closed the first tranche of its Series D funding round at $103 million. The round is anchored by a $50 million commitment from the National Wealth Fund, with additional participation from NVentures (NVIDIA’s venture capital arm), IP Group, Hostplus, and bp Ventures. A second and final close is expected in H1 2026.
Highlights
- $103M Series D first close anchored by the UK’s National Wealth Fund, with NVentures and existing shareholders participating
- Industrial Mobility Automation (IMA) is the core commercial focus — automating repetitive driving tasks in ports, airports, manufacturing facilities, and energy infrastructure
- Key customers include DHL, Vantec, and bp, demonstrating cross-sector product-market fit
- Global expansion targeted across the UK, Europe, and the Middle East
Industrial Automation as the Commercial Beachhead
Oxa is positioning Industrial Mobility Automation as the nearest-term path to scaled AV deployment. Rather than targeting consumer robotaxis, the company focuses on well-defined, repetitive industrial driving tasks. Applications include autonomous towing and goods transport at ports, airports, and manufacturing facilities, as well as asset and perimeter monitoring at solar farms and industrial plants.
The strategy addresses concrete operational pain points. Oxa’s technology is designed to help industrial operators manage labor shortages and rising operational costs — improving both efficiency and workplace safety.
Technology Platform: Oxa Driver and Oxa Foundry
The capital will accelerate two core product lines:
- Oxa Driver — a configurable, explainable self-driving software stack
- Oxa Foundry — a development toolchain for deploying and validating autonomous systems
Oxa Founder and CTO Paul Newman said the investment validates the company’s IMA focus, where “the path to commercial deployment at scale is clearest and most immediate.” He added that industrial customers would see productivity gains, lower operational costs, and improved workplace safety.
National Wealth Fund’s First Advanced Manufacturing Bet
The investment marks the National Wealth Fund’s first deployment into Advanced Manufacturing since that sector was formally added to its mandate. National Wealth Fund CEO Oliver Holbourn said the investment is aimed at accelerating the scale and deployment of Oxa’s technology, with potential to generate “thousands of well-paid jobs” and deliver productivity gains across multiple industries.
UK Minister for Industry Chris McDonald called Oxa “a great example of UK excellence in digital technologies,” linking the investment to the government’s Modern Industrial Strategy and its ambitions in connected and automated mobility.
The UK Government’s Advanced Manufacturing Sector Plan sets a target for the country to become a global leader in scaling innovation and automation. Advanced Manufacturing, Digital and Technology, and Transport are three core pillars of the National Wealth Fund’s priority sectors.
Investor Profile and Geographic Focus
The investor syndicate reflects strategic alignment across the AV supply chain. NVentures’ participation signals NVIDIA’s continued interest in physical AI and robotics platforms. Returning investors IP Group, Hostplus, and bp Ventures provide continuity and sector expertise across deep tech, institutional capital, and energy infrastructure.
Oxa’s expansion strategy targets the UK, Europe, and the Middle East — markets the company identifies as having near-term deployment opportunities. Nomura International plc served as financial advisor on the transaction.
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