Addleshaw Goddard advises the National Wealth Fund on $50m investment in autonomous vehicle business
International law firm Addleshaw Goddard has advised the National Wealth fund on a $50 million investment in Oxa, a global leader in autonomous vehicle (AV) technology.
The commitment from the National Wealth Fund comes as Oxa announced the successful first close of its Series D funding round, raising a total of $103m.
Alongside the National Wealth Fund, backing from NVentures (NVIDIA’s venture capital arm) and additional capital from existing shareholders IP Group, Hostplus 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.
The Addleshaw Goddard team advising the National Wealth Fund on the transaction included Dave Parker, Richard Goodfellow, Simon Lofthouse, Jemma Green, Charlotte Martin and Katie Baxter. Addleshaw Goddard’s team has extensive experience in the Advanced Manufacturing and Automotive space.
Dave Parker, Corporate Partner at Addleshaw Goddard, said: “We are delighted to have advised the National Wealth Fund on this important investment, which reflects its growing role in driving the UK’s long term industrial and economic objectives. Its commitment will help accelerate the commercialisation of Oxa’s autonomous technology while supporting the UK’s ambition to lead in advanced manufacturing, automation and next generation mobility.”
The funding will support the development of Oxa’s physical AI and robotics technology, including its self-driving software, Oxa Driver, and development toolchain, Oxa Foundry. 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.
